Autobooks snaps up $5.5m for SME accounting platform

SME accounting and payments software provider Autobooks has picked up $5.5m in a Series A venture round.

Draper Triangle Ventures led the investment in the Troy, Michigan-based startup.

Regional VCs Detroit Venture Partners and Chicago’s Baird Capital also participated.

A strategic investment also came from the Michigan Credit Union League, which will partner with the startup to offer its technology to its network of members across the US.

Autobooks aims to offer a fully-integrated payments, invoicing and automated accounting platform for SMEs, delivered through financial institutions.

The company partners with financial institutions, allowing them to offer the software to their small business clients.

The platform then also enables partner institutions to gain insights into how their business clients are performing to offer them targeted services.

Autobooks previously raised $2m in a Seed round last June and will use the new capital to double its team of 10 employees and move to Detroit.

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