Autobooks, a Detroit-based fintech firm providing embedded financial tools for small businesses, has raised $40 million in growth funding from Runway Growth Capital LLC. This non-dilutive capital will support the company’s plans to expand its market presence.
They plan to enhance their suite of invoicing, payment, and accounting tools and drive strategic initiatives, including the recent acquisition of Allied Payment Network. The acquisition is set to broaden Autobooks’ platform capabilities by integrating bill payment and disbursement features. This will effectively be creating an all-in-one solution for small business financial management.
Founded in 2015, Autobooks partners with banks and credit unions to offer small business customers embedded digital financial tools directly within their online and mobile banking experiences. Headquartered on Woodward Avenue in Detroit, the company is led by CEO and co-founder Steve Robert.
Commenting on the investment, 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 Payment Network, we’re bringing together receivables, payables, and accounting in a way that’s never been done before.”
With this latest funding, Autobooks aims to deepen its relationships with financial institutions, accelerate innovation, and strengthen its position as a leading provider of small business banking solutions.
