Accounting TechnologyFunding Report October 2022
October 2022Published 1 November 2022
Accounting and finance software companies raised US$660m across 19 rounds in October, up 122% on September's US$297m. Payroll and spend management took the largest shares.
US$660mRaisedin October
19Rounds18 in September
US$154mLargestTripActions
US$6.81bn2022 so far
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Raised each month
All rounds by month, US$ millions
Where the money went
By product area, US$ millions
Payroll$185m
Spend management$184m
Payables and receivables$157m
Accounting integrations$55m
ERP and general ledger$44.7m
FP&A and forecasting$27m
Treasury$6.1m
Bookkeeping$1.5m
Top investors
October, rounds led or joined
- Accel 1 round, led
- Bessemer Venture Partners 1 round, led
- CRV 1 round, led
- Earlybird 1 round, led
- Equinox Systems 1 round, led
Every round
Largest first, as announced
Download all All 925 rounds since 2020| Company | Amount | Round | Led by | Product area |
|---|---|---|---|---|
| TripActions | US$154m | Series G | Spend management | |
| Factorial | US$120m | Series C | Payroll | |
| Airwallex | US$100m | Series E extension | Payables and receivables | |
| Merge | US$55m | Series B | Accel | Accounting integrations |
| CloudPay | US$50m | Funding round | Runway Growth Capital, The Olayan Group | Payroll |
| Katana | US$35m | Series B | Northzone | ERP and general ledger |
| Finexio | US$35m | Series B | Mendon Venture Partners, National Bank Holdings Corporation | Payables and receivables |
| Mercantile | US$15m | Series A | Index Ventures | Spend management |
| Drivetrain | US$15m | Funding round | FP&A and forecasting | |
| Skuad | US$15m | Series A | Payroll | |
| Center | US$15m | Series B | Spend management | |
| Fintastic | US$12m | Seed round | FP&A and forecasting | |
| Ordo | £10m | Series A | Equinox Systems | Payables and receivables |
| Axelor | €10m | Series A | ERP and general ledger | |
| Payable | US$6.1m | Seed round | CRV, Earlybird | Treasury |
| Biller Genie | US$5m | Series A | Henry Helgeson | Payables and receivables |
| Zenskar | US$3.5m | Seed round | Bessemer Venture Partners | Payables and receivables |
| Oddr | US$2m | Seed round | Payables and receivables | |
| Outmin | €1.5m | Seed round | Middlegame Ventures | Bookkeeping |
How it’s compiled
- Every funding round announced
- Software for accountants and CFOs
- Rounds as announced, totals in US$
Get the funding report on the 1st of each month, with the accounting technology briefing for finance professionals.
