Autobooks, a FinTech company based in Detroit, provides integrated payment, invoicing, and accounting tools tailored for small and medium-sized businesses (SMBs).
The company has secured a $40m senior secured term loan from Runway Growth Capital, a prominent provider of growth loans to venture and non-venture-backed firms. The investment will enable Autobooks to advance its platform capabilities and support its broader strategic goals.
Founded in 2015, Autobooks offers a suite of embedded financial services directly within the digital platforms of banks and credit unions. These services include invoicing, payment acceptance—including Tap to Pay on iPhone—and accounting tools, allowing small business owners to manage their finances within their existing banking apps.
The new funding will also support Autobooks’ acquisition of Allied Payment Network, a company that provides flexible bill pay and disbursement solutions. This move is intended to strengthen Autobooks’ embedded finance capabilities, giving it a more comprehensive offering for financial institutions seeking to better serve SMBs.
Runway Growth Capital managing director of technology Jeff Goldrich said, “Autobooks’ robust growth and approach to empowering small businesses via direct integrations with leading financial institutions is truly innovative and aligns well with Runway’s investment philosophy.
“Our financing supports their ongoing platform growth and key strategic initiatives such as the Allied Payment Network acquisition, which we believe positions them as a critical partner for virtually any institution within the banking ecosystem that intends to serve the SMB market.”
Autobooks co-founder and CEO Steve Robert said, “Financial institutions want to deliver more value to their business customers — and they want to do it within the banking experience. By acquiring Allied Payments, we’re bringing together receivables, payables, and accounting in a way that’s never been done before.
“This is more than a product expansion — it’s the next step in our mission to help financial institutions compete by offering small businesses the tools they need to succeed. We’re grateful to have the support of Runway Growth Capital as we execute on this vision and continue to build a platform that meets the evolving needs of small businesses and their banking partners.”
Source: https://fintech.global/
