AccountsIQ Lands €60m in Series C Funding to Embed AI
AccountsIQ, the cloud-based accounting platform, has secured €60m (US$64.3m) in Series C funding from Axiom Equity, a specialist B2B SaaS growth equity fund.
With its new investment, AccountsIQ will embed AI into its platform as it looks to shape the finance function of the future. Funds will also be used to spearhead continued product development and drive international growth.
AccountsIQ’s software-as-a-service (SaaS) financial management system (FMS) is designed to transform the finance function, solving complex problems like multi-currency consolidation, multi-level approvals, third-party integrations and the automation of daily processes.
By integrating AI into its platform, AccountsIQ will be able to scale all aspects of its finance function to deliver a greater user experience for its clients.
Scaling its platform with the latest technologies, like AI, represents a significant feat for AccountsIQ.
It means it can now further power the finance teams of its clients, promoting digital collaboration with stakeholders in their businesses by giving the right information to the right user at the right time – enhancing the financial IQ of the organisation so it can make better decisions.
AccountsIQ: Becoming the leading international FMS
These innovations will support AccountsIQ on its path to becoming a leading international FMS.
The new funding also supports the fintech's efforts to grow resources and double its team to over 200 people in the next few years. It will also enhance its new AI capabilities to deliver even more value to its diverse customer base.
Tony Connolly, Founder and CEO of AccountsIQ says: “Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level.
“This investment comes at a perfect inflection point for our offering, to allow us to leverage AI tools into practical, easy-to-adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”
Martin Wygas, Founding Partner of Axiom Equity, adds: “We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning. The deep understanding of their customer base and forward-thinking vision deeply resonated with our team.
“Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”
Last year, an AccountsIQ survey found that 23% of senior finance professionals fear AI could put them out of a job. Now with the latest updates to the AccountsIQ FMS platform, it’s clear how AI’s role will enhance the capabilities of finance teams, rather than replace them.
In August 2023, we spoke to Karen Ko, Senior Finance Director at Pleo, about the benefits of modern finance management systems and spreading the workload throughout finance teams.
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