Accounting TechnologyFunding Report September 2020
September 2020Published 1 October 2020
Accounting and finance software companies raised US$353m across 11 rounds in September, up 95% on August's US$181m. Payables and receivables and payroll took the largest shares.
US$350mRaisedin September
11Rounds7 in August
US$80mLargestMelio
US$2.27bn2020 so far
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Raised each month
All rounds by month, US$ millions
Where the money went
By product area, US$ millions
Payables and receivables$259m
Payroll$70m
Document capture$11.9m
Bookkeeping$8.7m
Tax and compliance$4.2m
Top investors
September, rounds led or joined
- General Catalyst 2 rounds, 1 led
- Insight Partners 2 rounds, 1 led
- Bessemer Venture Partners 2 rounds
- Goldman Sachs Merchant Banking 1 round, led
- QED Investors 1 round, led
Every round
Largest first, as announced
Download all All 925 rounds since 2020| Company | Amount | Round | Led by | Product area |
|---|---|---|---|---|
| Melio | US$80m | Series C | Payables and receivables | |
| MineralTree | US$50m | Series D | Payables and receivables | |
| Airwallex | US$40m | Series D extension | Payables and receivables | |
| Papaya Global | US$40m | Series B | Scale Venture Partners | Payroll |
| PayCargo | US$35m | Funding round | Insight Partners | Payables and receivables |
| Veem | US$31m | Funding round | Truist Ventures | Payables and receivables |
| Deel | US$30m | Series B | Spark Capital | Payroll |
| iugu | R$120m | Series A | Goldman Sachs Merchant Banking | Payables and receivables |
| Hypatos | €10m | Seed round | Document capture | |
| Collective | US$8.65m | Seed round | General Catalyst, QED Investors | Bookkeeping |
| Incentify | US$4.25m | Strategic investment | Ryan | Tax and compliance |
How it’s compiled
- Every funding round announced
- Software for accountants and CFOs
- Rounds as announced, totals in US$
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