Tracxn - Finance & Accounting Tech Startup Landscape

JANUARY 2019
FINANCE & ACCOUNTING TECH

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Finance & Accounting Tech - Jan 2019
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on January 4, 2019.
Finance & Accounting Tech Feed Summary
4
Finance & Accounting Tech > Feed Summary
Tools or software for automating functions of finance and accounting department of an organization.
• Inclusions: All the software solutions helping companies manage their
finance and accounting functions will be covered in the feed. This will
include all the legacy software companies be it on-premise licensed or
cloud-based software. The outsourcing companies will be included only
if they either have in-house proprietary software or marquee customers
or heavily funded. Financing companies will be covered only if they
provide a software for one or more accounting functions. Companies
providing digitization of paper-based financial documents will be
covered under enablers.
• Exclusions: Pure play services firm that offers accounting related
services, Companies focused only on financing will not be covered.
Companies providing solutions for any specific sector are not covered.
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$11.6B
Funding
84
Mega
Companies
7833660
FundedCovered on
Tracxn
21
Unicorns
36
Soonicorns
48
Minicorns
51
IPO’d Cos
329
Late Stage Cos
101
265
Acquisitions
222
DeadPooled
-
Acquihired
Series A+ Cos
Wolters Kluwer
(1836, The Hague)
Intuit
(1983, Mountain View)
Salesforce
(1999, San Francisco, $52M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Finance & Accounting Tech
5
$317M - PE
Ryan (1991, Dallas, $317M)
$100M - Series G
Bill.com (2006, Palo Alto, $259M)
$300M - Series F
AvidXchange (2000, Charlotte, $570M)
$100M - Series D
C2FO (2008, Fairway, $198M)
$250M - Series E
Tradeshift (2009, San Francisco, $533M)
$80M - Series D
Carta (2012, San Francisco, $148M)
$140M - Series C
Gusto (2011, San Francisco, $316M)
$75M - Series E
Apttus (2006, San Mateo, $549M)
$125M - Series C
Brex (2017, San Francisco, $182M)
$70M - Series B
Ivalua (2000, Redwood City, $74.5M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Finance & Accounting Tech > Feed Summary > Investment Trend Summary
Seed
SixThirty(#4), Right Side Capital Management (#3), Point Nine
Capital (#3)
Series A/B Accel Partners (#5), Ribbit Capital (#5), Insight Venture Partners
(#4)
Series C+
Temasek (#3), Bain Capital Ventures (#2), Insight Venture
Partners (#2)
Incubators Y Combinator (#20), 500 Startups (#15), Techstars (#15)
Other Notable
Investors
FundersClub (#8), Kima Ventures (#7), BDC (#6)
Debt Investors
Silicon Valley Bank (#8), Harbert Management (#3), Hercules
Capital (#3)
Most Active InvestorsRecent Investments
341
405
321
213
49
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 139 140 157 146 136 -
$8.9B
$905M
$366M
$205M
$135M
US
Europe
Canada
India
Japan
$ Funding
$1.1B
$1.6B
$1.3B
$1.5B
$2.1B
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Finance & Accounting Tech
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Salesforce 5
New Enterprise
Associates
4
Workday (2005, Pleasanton, $352M)
Salesforce (1999, San Francisco, $52M)
Meritech Capital
Partners
4
Anaplan (2006, San Francisco, $300M)
Coupa (2006, San Mateo, $169M)
HarbourVest
Partners
4
Adaptive Insights (2003, Palo Alto, $151M)
Emergence Capital 3
SteelBrick (2009, San Francisco, $77.5M)
Jun 2018 Adaptive Insights Acq by Workday for $1.6B
May 2018 Iris Software Acq by ICG for $1.7B
May 2018 PowerPlan Acq by Roper Technologies for $1.1B
Nov 2015 SunGard Acq by FIS for $9.1B
Oct 2015
Electronic Funds Source Acq by Wright Express for
$1.1B
Sep 2014 Concur Acq by SAP for $8.3B
Finance & Accounting Tech > Feed Summary > Exit Outlook Summary
Intuit 9
TSheets (Dec 2017, $340M), PayCycle (Jun 2009, $170M),
Electronic Clearing House (Dec 2007, $131M)
Visma 9 Dinero (Nov 2016), Tripletex (Dec 2016), Netvisor (Oct 2011)
Wolters Kluwer 5
Tagetik (Mar 2017, $318M), Basecone (May 2015), CCH iFirm
(Jul 2012)
Iris Software 5
PS Financials (Jan 2017), Taxfiler (May 2018), KashFlow (Oct
2013)
Sage Group 4
Folhamatic (Jun 2012, $162M), Daceasy (May 1991, $18M),
Compass (Mar 2017)
Recent IPOs Top Acquisitions
Coupa Oct 2016
Cloud spend management software
IPO MCap: -
Cerillion Mar 2016
B/OSS and cloud based billing management…
IPO MCap: $32M
Class Super Dec 2015
Cloud-based software solutions for wealth…
IPO MCap: $84.1M
MYOB May 2015
Business management solutions provider.
IPO MCap: -
Anaplan Oct 2018
SaaS Corporate Performance Management Pla…
IPO MCap: $2.1B
IRIS Oct 2017
Cloud based XBRL solutions
IPO MCap: $9.2M
FreeAgent Nov 2016
SaaS Finance Management for SMB
IPO MCap: $42.5M
BlackLine Oct 2016
Account reconciliation software
IPO MCap: $839M

January 2019Tracxn BlueBox – Finance & Accounting
3660 companies in the sector, 422 funded in last 5 years, $3.6B invested in last 2 Years
Most Active Investors: Y Combinator, SixThirty, Accel Partners, Temasek, FundersClub
ACCOUNTING SOLUTIONS FINANCIAL MANAGEMENT
Suite
ACCOUNTING ENABLERS
Data Digitization
Commerce Sync (2005, Denver, $12.76M)
B2B Payments
Escrow.com (1999, Rancho Santa Margarita, $30M,
Acq.)
Collaboration Software
GetSqrl (2013, Cincinnati, $550K)
Subscription Billing
Vindicia (2003, Redwood City, $41M, Acq.)
Business Intelligence
Klipfolio (2001, Ottawa, $19.4M)
Budgeting & Forecasting
Centage (2002, Natick, $25.25M)
Equity Administration
Certent (2002, Pleasanton, $35.93M)
Treasury Management
Kyriba (2000, San Diego, $158.51M)
Accounting Suite
Intuit (1983, Mountain View, IPO)
Bookkeeping
Bench (2012, Vancouver, $48.1M)
Invoice Management
AvidXchange (2000, Charlotte, $570.45M)
Payroll Management
Gusto (2011, San Francisco, $316.1M)
Quote-to-Cash
Procure-to-Pay
Tradeshift (2009, San Francisco, $532.94M)
Expense Management
ItzCash (2006, Mumbai, $54.02M, Acq.)
Account Reconciliation
BlackLine (2001, Woodland Hills, $220M, IPO)
Taxation
Avalara (2004, Bainbridge Island, $322.07M)
Auditing
Capital Confirmation (2000, Brentwood, $63M)
Regulatory Reporting
Workiva (2008, Ames, $53.84M, IPO)
$9.7B $1.4B
$489M
Finance & Accounting > Feed Summary > BlueBox
Cumulative funding in the market
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
For any Feedback and Query reach out to MyAnalyst@tracxn.com
7

Key Sub Sectors in Finance & Accounting Tech Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Accounting Solutions > Taxation >
Tax Software 144 $483M 14
Accounting Solutions > Accounting Suite >
SMB 586 $265M 34
Accounting Solutions > Invoice
Management >
Payables
88 $380M 13
Accounting Solutions > Expense
Management >
Expense Tracking Software
181 $107M 20
Accounting Solutions > Expense
Management >
Expense Cards
42 $246M 12
Management >
Payables & Receivables
162 $168M 11
Accounting Solutions > Payroll
Management >
Payroll Software
140 $245M 9
Management >
Receivables
326 $101M 12
Accounting Enablers >
Subscription Billing 124 $58.3M 13
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Accounting Solutions
Companies providing financial accounting related
solutions such as bookkeeping, invoicing,...
2851 545 $9.7B
Financial Management
Companies offering various financial planning tools
for valuation, forecasting, and other...
425 127 $1.4B
Accounting Enablers
Companies offering solutions to enable/optimize the
accounting processes
383 111 $489M
Finance & Accounting Tech > Feed Summary > Summary of Key Markets

List of Notable Companies in Finance & Accounting Tech
Notable Companies in the Sector (1/2)
9
Note: *(Founded Year, Location, Total Funding)
Finance & Accounting Tech > Feed Summary > Notable Companies in the Sector
Public
Workday
(2005, Pleasanton, $352M)*
Anaplan
Salesforce
BlackLine
(2001, Woodland Hills, $220M)
Workiva
(2008, Ames, $53.8M)
Kofax
(1985, Irvine)
Digital River
(1994, Minnetonka)
Model N
(1999, Redwood City, $37M)
Blackbaud
(1981, Charleston)
Proactis
(1996, Wetherby)
Public
Flexi
(1991, Shelton)
Upland Software
(2010, Austin, $31.4M)
TRX
(1999, Atlanta)
Bottomline
Technologies
(1989, Portsmouth)
Class Super
(2009, Sydney)
FairFX
(2006, London)
FreeAgent
(2007, Edinburgh, $5.1M)
Cerillion
(1999, London, $9M)
8common
(2014, Sydney)
IRIS
(2000, Vashi)
Public
IODM
(2010, South Melbourne)
Wright Express
(1983, South Portland, $355M)
Coupa
(2006, San Mateo, $169M)
Basware
(1985, Espoo)
Intuit
Wolters Kluwer
(1836, The Hague)
Xero
(2006, Wellington)
Cortex
(1999, Calgary)
Esker
(1985, Madison)
Heeros
(2000, Helsinki)
Public
MYOB
(1991, Glen Waverley)
Reckon
(1987, Sydney)
Tax Computer Systems
(1991, Twickenham)
Edenred
(2010, Malakoff)
Link Computer
(1984, Istanbul)
VersaPay
(2006, Vancouver)
Bplats
(2006, Tokyo)
Abak
(2002, Olsztyn)
BizXpert
(1989, Budapest)
IFIRMA
(2001, Wroclaw)
Public
PRGX
(1970, Atlanta)
PromikBook
(2010, Gothenburg)
Sidetrade
(2000, Boulogne)
Solium
(1999, Calgary)
The Mint Corporation
(2009, Dubai)
Tungsten Network
(2000, London)
US Dataworks
(1997, Sugar Land)

List of Notable Companies in Finance & Accounting Tech
Notable Companies in the Sector (2/2)
10
Finance & Accounting Tech > Feed Summary > Notable Companies in the Sector
Acquired
SunGard
(1982, Wayne)
Concur
(1993, Bellevue)
Ariba
(1996, Sunnyvale)
Iris Software
(1979, Datchet)
Adaptive Insights
(2003, Palo Alto, $151M)
PowerPlan
(1994, Atlanta, $110M)
Electronic Funds Source
(1996, Ogden)
GFKL
(1992, Essen)
Corporate Spending
Innovations
(1989, Bonita Springs)
CashEdge
(1999, New York City, $5M)
Acquired
Hyperwallet Systems
(2000, California)
SteelBrick
(2009, San Francisco, $77.5M)
TSheets
(2006, Boise, $15M)
Applix
(1983, Westborough)
Tagetik
(1986, Lucca)
IPay Technologies
(2001, Elizabethtown)
Sage Group
(1997, Newcastle Upon Tyne)
BlueGill Technologies
(1996, Brookfield)
Fraedom
(1999, London)
PayCycle
(1999, Palo Alto, $28M)
Acquired
Tesch Inkasso
(1985, Wiehl)
Folhamatic
(1990, Americana)
Quadrem
(2000, Amsterdam)
OB10
(2000, London, $10.1M)
Perfect Commerce
(1994, Newport News, $30M)
Electronic Clearing
House
(1981, Camarillo)
Certify
(2008, Portland, $2.2M)
ItzCash
(2006, Mumbai, $54M)
SurePayroll
(2000, Glenview)
MYOB BankLink
(1986, Auckland)
Unicorns
AvidXchange
(2000, Charlotte, $570M)
Apttus
(2006, San Mateo, $549M)
Tradeshift
Gusto
Zuora
(2007, Foster City, $250M)
Brex
BPAY
(1997, Sydney)

List of Notable Companies by Market in Finance & Accounting Tech
Notable Companies by Market (1/12)
12
Finance & Accounting Tech > Feed Summary > Notable Companies by Market
Accounting Suite
Workday (2005, Pleasanton, $352M)
Human Resources and Financial Management Suite
Unicorn. Stage: Public
T. Rowe Price, Morgan Stanley, Bezos Expeditions
and 7 Other Investors
FinancialForce (2009, San Francisco, $194M)
Cloud ERP solutions provider
Soonicorn. Stage: Series D
TCV, Salesforce, Advent International and 2 Other
Investors
Freee (2012, Minato, $115M)
Automated cloud accounting and payroll software.
Soonicorn. Stage: Series E
Line, Mitsubishi UFJ Financial Group, SBI
Investment and 6 Other Investors
PowerPlan (1994, Atlanta, $110M)
Asset accounting, tax and budgeting solutions
Unicorn. Stage: Acquired
TPG, JMI Management, FS Investors and 1 Other
Investors
Accounting Suite
Wave Accounting (2009, Toronto, $86.3M)
SaaS Accounting for SMBs and personal finance
management.
National Australia Bank, Royal Bank of Canada,
Portag3 Ventures and 10 Other Investors
FreeAgent (2007, Edinburgh, $5.1M)
SaaS Finance Management for SMB
Stage: Acquired
SaaS Capital, Lightbank, Iris Software and 4 Other
Investors
Blackbaud (1981, Charleston)
Non-profit software provider
JMI Management, Hellman & Friedman
Wolters Kluwer (1836, The Hague)
Suites for Legal office management and accounting
firms
MMF Capital
Accounting Suite
Xero (2006, Wellington)
Online Accounting Software for SMBs
TCV, Accel Partners, Matrix Partners and 3 Other
Investors
Intuit (1983, Mountain View)
Business and Financial Management solutions
provider
Decacorn. Stage: Acquired
KPCB, Kleiner Perkins, Sierra Ventures
Iris Software (1979, Datchet)
Business software for accounting and payroll
sectors using 3rd party software.
Editor's Pick. Stage: Acquired
ICG, HgCapital, LDC and 1 Other Investors
MYOB (1991, Glen Waverley)
Bain Capital Private Equity, HarbourVest Partners,
KKR and 1 Other Investors

13
Accounting Suite
Reckon (1987, Sydney)
Web-based accounting and bookkeeping software
for SMBs and other users
Soonicorn. Stage: Public
Kofax (1985, Irvine)
Net centric intelligent business process
management solutions
Stage: Acquired
In-Q-Tel
Link Computer (1984, Istanbul)
ERP software for various enterprises
Stage: Public
Abak (2002, Olsztyn)
Tech enable services for businesses
Stage: Public
Class Super (2009, Sydney)
Cloud-based software solutions for wealth
accounting.
Stage: Public
Accounting Suite
Flexi (1991, Shelton)
Enterprise accounting software Solutions for
financial services industry.
Stage: Public
Folhamatic (1990, Americana)
Accounting suite solution for enterprises
Stage: Acquired
Insight Venture Partners
IFIRMA (2001, Wroclaw)
Accounting and invoicing solution for
entrepreneurs
Stage: Public
Sage Group (1997, Newcastle Upon Tyne)
Accounting, HR and ERP solutions for SMEs
Stage: Acquired
ABS Ventures, Insight Venture Partners
Bookkeeping
PromikBook (2010, Gothenburg)
Billing and bookkeeping software provider.
Stage: Public
Aggregate Media

14
Invoice Management
Accounts payable and payment automation
solutions
Unicorn. Stage: Series F
Mastercard, Peter Thiel, Caisse de depot et
placement du Quebec and 15 Other Investors
Provider of cloud-based payables and receivables
payment solutions.
Soonicorn. Stage: Series G
JPMorgan Chase & Co., Temasek, Silicon Valley
Bank and 15 Other Investors
Provides platform for cash flow optimization
between business and suppliers
Allianz X, Mubadala, Temasek and 12 Other
Investors
Invoice Management
Taulia (2009, San Francisco, $137M)
Electronic invoicing and dynamic discounting
solution.
Zouk Capital, BBVA Ventures, EDBI and 10 Other
Investors
PaySimple (2006, Denver, $137M)
Online Payment and Invoicing for small business
Soonicorn. Stage: Series B
Providence Equity Partners, Susquehanna Growth
Equity, Aurionpro and 3 Other Investors
Billtrust (2001, Mercerville, $105M)
B2B and B2C payment cycle management solutions
KeyBank, Riverwood Capital, Bain Capital Ventures
Invoice Management
Viewpost (2012, Maitland, $91.6M)
eInvoicing and online payment solution.
Soonicorn. Stage: Series C
Foley Ventures, Western Technology Investment,
Caretta and 1 Other Investors
Transactis (2001, New York City, $61.7M)
White label for bill payments
Fifth Third Bancorp, PNC Financial Services Group,
Safeguard Scientifics and 10 Other Investors
Invoice2go (2002, Sydney, $60M)
Invoice App
OCV Partners, Ribbit Capital, Accel Partners and 1
Other Investors
TSheets (2006, Boise, $15M)
Time Tracking Software
Minicorn. Stage: Acquired
Summit Partners

15
Invoice Management
OB10 (2000, London, $10.1M)
B2B eInvoicing, invoice financing and analytics
firm.
Stage: Acquired
Black River Asset Management, FF and P Private
Equity, Straub Ventures and 3 Other Investors
CashEdge (1999, New York City, $5M)
White Label invoicing solution
Stage: Acquired
Middlemarch Partners, Susquehanna Growth
Equity, CIBC Capital Markets and 2 Other Investors
BPAY (1997, Sydney)
Bill management platform
Unicorn. Stage: Unfunded
BlueGill Technologies (1996, Brookfield)
Electronic billing and payment solution
Blue Chip Venture, Allos Ventures, Morgenthaler
Invoice Management
Cortex (1999, Calgary)
Invoice automation solution
Esker (1985, Madison)
Document automation & order management
software
Editor's Pick. Stage: Public
Herald Investment Management, Sigma Gestion
Bottomline Technologies (1989, Portsmouth)
Invoice, document automation solutions
Stage: Public
Herald Investment Management, TempoCap
IODM (2010, South Melbourne)
Accounts Receivable Solution provider
Stage: Public
VersaPay (2006, Vancouver)
Cloud based B2B accounts receivable solution
provider
Stage: Public
Invoice Management
BizXpert (1989, Budapest)
Cloud-based invoicing solution for Windows.
Stage: Public
GFKL (1992, Essen)
Receivables' collections service provider.
Stage: Acquired
Advent International, SVG Capital
Sidetrade (2000, Boulogne)
Account Receivable automation
Stage: Public
Odyssee Venture, Phitrust Impact Investors, XAnge
Tesch Inkasso (1985, Wiehl)
Receivables Management Firm
Stage: Acquired
Avedon Capital Partners

16
Quote-to-cash
CRM SaaS Pricing, Quoting, and Contracts
Golub Capital, IBM, Salesforce and 5 Other Investors
Zuora (2007, Foster City, $250M)
Subscription billing and management
Next World Capital, Shasta Ventures, Index
Ventures and 16 Other Investors
Aria (2003, San Francisco, $180M)
Subscription Billing & Management Software
Soonicorn. Stage: Series F
Runway Growth, Madison Bay Capital Partners,
Hummer Winblad Venture Partners and 8 Other
Investors
SteelBrick (2009, San Francisco, $77.5M)
Configure-Price-Quote suite solutions
Soonicorn. Stage: Acquired
IVP, Emergence Capital, Salesforce and 2 Other
Investors
Quote-to-cash
Salesforce (1999, San Francisco, $52M)
Cloud Based CRM, Social collaboration for the
Enterprise
Emergence Capital, New Enterprise Associates,
Credit Suisse and 20 Other Investors
Model N (1999, Redwood City, $37M)
Cloud based revenue management solution for life
science and hi-tech industry
Stage: Public
Wells Fargo, Crystal Financial, Meritech Capital
Partners and 3 Other Investors
Procure-to-pay
Collaboration, electronic invoicing and dynamic
discounting solution
Unicorn. Stage: Series E
Goldman Sachs, PSP Investments, HSBC Group and
19 Other Investors
Coupa (2006, San Mateo, $169M)
Cloud spend management software
Battery Ventures, El Dorado Ventures, Crosslink
Capital and 11 Other Investors
Chrome River (2007, Los Angeles, $155M)
SaaS Expense Reporting & Invoice Management
Argentum Group, Bain Capital, First Analysis and 4
Other Investors

17
Procure-to-pay
Perfect Commerce (1994, Newport News,
$30M)
Procure-to-Pay Automation
Stage: Acquired
Apax Partners, Mayfield, New Enterprise Associates
Ariba (1996, Sunnyvale)
e-Procurement, invoicing, and B2B collaboration
software
Intel, Van Wagoner Ventures, TCV and 3 Other
Investors
Basware (1985, Espoo)
P2P and e-invoicing solutions
Heeros (2000, Helsinki)
Cloud-based tool for financial information
management
Editor's Pick. Stage: Public
Procure-to-pay
Quadrem (2000, Amsterdam)
Procure-to-pay software
Proactis (1996, Wetherby)
Spend control and e-procurement solution provider
Stage: Public
4490 Ventures
Tungsten Network (2000, London)
e-invoicing, invoice financing and analytics
company
Stage: Public
Plymouth Growth Partners
Payroll Management
Cloud-based HRMS and payroll management
solution
Unicorn. Stage: Series C
MSD Capital, Y Combinator, General Catalyst
Justworks (2012, New York City, $93M)
Human resource management solution
Spark Capital, FirstMark, Index Ventures and 8
Other Investors
CloudPay (1996, Raleigh, $71M)
SaaS Payroll software and services
Rho Ventures, Hercules Capital, Rho Capital

18
Payroll Management
PayCycle (1999, Palo Alto, $28M)
Online Payroll service provider.
Stage: Acquired
TTV Capital, August Capital, DCM Ventures and 1
Other Investors
Celergo (2004, Deerfield, $15M)
Payroll service provider
Frontier Capital
Hyperwallet Systems (2000, California)
Mass Payout solution provider.
Primus Capital Partners, Primus Capital
SurePayroll (2000, Glenview)
Online Payroll Service for SMBs
Stage: Acquired
The Mint Corporation (2009, Dubai)
Gateway, POS and prepaid payroll card services
Stage: Public
Expense Management
Wright Express (1983, South Portland, $355M)
Financial and information management solutions
Stage: Public
North Atlantic Capital, First Analysis
Corporate expense credit card solution
Unicorn. Stage: Series C
Greenoaks, DST Global, IVP and 9 Other Investors
ItzCash (2006, Mumbai, $54M)
Provider of prepaid payment cards
Ashok Goel, Intel Capital, Matrix Partners India and
4 Other Investors
Upland Software (2010, Austin, $31.4M)
Cloud-based enterprise work management
software
Wells Fargo Capital Finance, CIT Bank, Goldman
Sachs Bank USA and 7 Other Investors
Expense Management
Certify (2008, Portland, $2.2M)
Travel & Expense Management Software
Maine Venture Fund, CEI Ventures, Innoventure
Concur (1993, Bellevue)
End-to-end travel expense management
American Express Ventures, IVP, Redpoint Ventures
Electronic Funds Source (1996, Ogden)
Corporate and Fleet Expense solutions
Ardian
8common (2014, Sydney)
Suite of enterprise software
Stage: Public
8capita

19
Expense Management
Edenred (2010, Malakoff)
Employee benefit solutions for corporate
companies
Stage: Public
Eurazeo
FairFX (2006, London)
Prepaid currency cards, travel cash and
international money transfer
Stage: Public
William Currie Group
Fraedom (1999, London)
Cloud based expense/payment management
solution provider
Stage: Acquired
TRX (1999, Atlanta)
Provider of solutions to travel management
companies & their corporate travel customers.
Stage: Acquired
Taxation
Avalara (2004, Bainbridge Island, $322M)
Cloud-based Taxation Service
Warburg Pincus, TCV, Sageview Capital and 7 Other
Investors
Tax Computer Systems (1991, Twickenham)
Solutions for corporate tax
Business Growth Fund
Auditing
PRGX (1970, Atlanta)
Accounts Payable recovery audit and advisory
services provider.
Stage: Public
Blum Capital Partners

20
Account Reconciliation
BlackLine (2001, Woodland Hills, $220M)
Account reconciliation software
Sumeru Equity Partners
Regulatory Reporting
Workiva (2008, Ames, $53.8M)
Compliance and management reporting platform
IRIS (2000, Vashi)
Cloud based XBRL solutions
Stage: Public
Subhkam Ventures
Suite
SaaS Corporate Performance Management Platform
Premji Invest, Baillie Gifford, Granite Ventures and
15 Other Investors
Adaptive Insights (2003, Palo Alto, $151M)
SaaS Corporate Finance Management
Monitor Ventures, Information Venture Partners,
Cardinal Venture Capital and 11 Other Investors
Tidemark (2010, Redwood City, $105M)
SaaS Corporate Performance Management
Marlin Equity Partners, Workday, Greylock
Host Analytics (2000, Redwood City, $71.6M)
Cloud Enterprise Performance Management
Advanced Technology Ventures, Next World
Capital, StarVest Partners and 4 Other Investors

21
Suite
Tagetik (1986, Lucca)
Corporate Performance Management
Applix (1983, Westborough)
Business performance management solution
Stage: Acquired
ABS Ventures, New Enterprise Associates
Treasury Management
Kyriba (2000, San Diego, $159M)
Treasury automation and risk management
Sumeru Equity Partners, Bpifrance, Iris Capital and
10 Other Investors
SunGard (1982, Wayne)
Enterprise Software
GE Capital, HarbourVest Partners, Bain Capital
Private Equity and 3 Other Investors
Pelican (1993, London)
Provider of AI-solutions in payments/compliance
processes for banks and corporates.
Soonicorn. Stage: Unfunded
US Dataworks (1997, Sugar Land)
Multi-channel payment processing & clearing
solutions
Stage: Public
Equity Administration
Solution for cap table management
Meritech Capital Partners, Menlo Ventures, Union
Square Ventures and 19 Other Investors
Certent (2002, Pleasanton, $35.9M)
Equity compensation and financial compliance
software provider.
Western Alliance Bancorporation
Solium (1999, Calgary)
Cloud-based equity compensation administration
software and services provider.
Stage: Public

22
Accounting Enablers
Collaboration Software
MYOB BankLink (1986, Auckland)
Provider of software for automatically providing
financial transaction data from banks.
Stage: Acquired
Data Digitization
Commerce Sync (2005, Denver, $12.8M)
Accounting software to keep track of financial
health of the business
Soonicorn. Stage: Series A
Intel Capital, Meritage Funds, Camp One Ventures
B2B Payments
Corporate Spending Innovations (1989,
Bonita Springs)
B2B payment automation
Stage: Acquired
Electronic Clearing House (1981, Camarillo)
End-to-end payment processing solutions.
Stage: Acquired
Bank of the West
IPay Technologies (2001, Elizabethtown)
Online bill pay service
Stage: Acquired
Spectrum Equity, Bain Capital Ventures, Silversmith
Capital Partners

23
Accounting Enablers
GoCardless (2011, London, $47.5M)
Online payments solutions for recurring payments
Accel Partners, Balderton Capital, Passion Capital
Cerillion (1999, London, $9M)
B/OSS and cloud based billing management system
Stage: Public
Digital, Baird Capital, Draper Esprit and 1 Other
Investors
Cleverbridge (2005, Cologne)
Global full-service e-commerce and subscription
management solution provider
Soonicorn. Stage: Unfunded
FastSpring (2005, Santa Barbara)
Digital e-commerce payment, merchandising and
fulfillment solution
Bill 95, Brass Tower Equity Partners, The Cambria
Group and 1 Other Investors
Bplats (2006, Tokyo)
Cloud/SaaS distribution and billing software
Stage: Public
Nippon Venture Capital, Globis Capital Partners
Digital River (1994, Minnetonka)
Global commerce, marketing and payments
solutions provider.
Stage: Acquired
Earlybird Venture Capital, Capital Southwest

List of Notable Companies in Finance & Accounting Tech in China
Notable Companies in the Sector in China
24
Finance & Accounting Tech > Feed Summary > Notable Companies in the Sector in China
Public
Sinosoft
(1998, Nanjing)

Recent News in Finance & Accounting Tech Sector
Recent News
25
Finance & Accounting Tech > Feed Summary > Recent News
Jan 2019
Premikati and SAP Ariba Deliver Enterprise-class Procurement for
SMBs, Business Wire
Jan 2019
BlackLine Ranks As A Top SaaS Provider In Software Magazine's
2018 Listing Of World's Largest Software Companies, PR Newswire
Jan 2019
Comprehensive Report on Tax Compliance Software Market
Focusing on Vertex, SOVOS, H&R Block, EGov Systems, Intuit Inc.,
Xero, Thomson Reuters, Exactor, Wolters Kluwer., Digital Journal
Jan 2019
Apttus Recognized as Leader in IDC MarketScape: Worldwide SaaS
and Cloud-Enabled B2B Digital Commerce Platforms, PR Newswire
Jan 2019
Finexio Partners With Cass Information Systems, Inc. to Serve
Rapidly Growing B2B Payment Market, Newswire
Jan 2019 PRGX Appoints Kurt Abkemeier CFO, Citybizlist
Jan 2019 Vector completes Host Analytics acquisition, PE Hub
Jan 2019
DAKCS Software Systems, Inc. Achieves SSAE18 SOC 2 Attestation,
PRWeb
Jan 2019
Blackbaud Acquires Market-leading Corporate Social Responsibility
Provider YourCause, PR Newswire
Jan 2019 Aspect Software to be Acquired by Vector Capital, Business Wire
Jan 2019
Payroll Management Software Market Research Report 2018-2025 |
Top Key Players - ADP Workforce, Dayforce, Sage, Xero, Kronos,
Gusto, BambooHR, Zenefits, Epicor, PeopleSoft, AccountEdge,
Paychex Payroll, Intuit Payroll, openPR
Key Recent News Key Recent News
Jan 2019
Global Information Services Market Report 2019 Featuring
Bloomberg, RELX Group, Wolters Kluwer, Associated Press &
Thomson Reuters - ResearchAndMarkets.com, Business Wire
Jan 2019
Latest 2018 ez1095 ACA Software From Halfpricesoft.com Offers
Updated Import Feature, PRWeb
Jan 2019
Treasury Software Global Market Research Report | Key Players –
BankSense, CAPIX, SAP, Central Florida Law Journal
Jan 2019
Treasury Software Market is expected to register a Cagr close to 16
% during the forecast period | key players includes Indus Valley
Partners, Oracle Treasury, Financial Sciences, Bellin Treasury
Services, Misys, DataLog Finance, Broadridge Financial Solutions
and others, thebusinessinvestor.com
Jan 2019
2019 Tax Tables Available For HR Staff Utilizing Latest
ezAccounting 2019 Business Software, PRWeb
Dec 2018
Allianz Asset Management GmbH Has $5.99 Million Holdings in
Model N Inc (MODN), Baseball Daily Digest
Dec 2018
Global Performance Management Software Market : Status and
Forecast 2018-2025 ( Adaptive Insights, Anaplan, Axiom Software ),
Digital Journal
Dec 2018
Global Personal Finance App Market : Status and Forecast 2018-
2025 ( Intuit, Personal Capital, Lampo Licensing ), Digital Journal
Dec 2018
Global Shower Trolley Market 2018: Growth, Latest Trend Analysis
and Forecast 2025, techrealtime.com
Dec 2018
Halfpricesoft.com Offers Small Businesses And Updated Tax Form
Guide With ezPaycheck 2019 Version, PRWeb

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
26
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
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Dec 2018
Consumer HealthTech
Dec 2018
3D Printing
Dec 2018

Investments ($M) and number of rounds in Finance & Accounting Tech; 2011-2018
Global Funding Trends (1/2)
28
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Finance & Accounting Tech > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 1% # of Rounds28% $ Funding
9% # of Rounds
9% $ Funding
$470M $535M
$1.1B
$1.6B
$1.3B
$1.5B
$2.1B
0
20
40
60
80
100
120
140
160
180
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

$22M $26M $51M $41M $49M $93M $54M
$197M
$148M
$326M
$348M
$339M
$572M
$614M
$251M $361M $719M $1.3B $907M $817M
$1.4B
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
38 53 72 65 75 63 43
29
20
38
43 54 60
64
12 15 29 32 28 23 29
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
79
0
Total # of Rounds
29
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Finance & Accounting Tech; 2011-2018
Finance & Accounting Tech > Investment Trends > Global Funding Trends
81
63
57
68
58
36
0
363
$1.8M
$2.1M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$1.8M $2.8M $1.5M $2M $4M $2.9M - $2.1M
$294M $350M
$828M
$1.3B
$937M
$1.1B
$1.6B
0
5
10
15
20
25
0
200000000
400000000
600000000
800000000
1E+09
1.2E+09
1.4E+09
1.6E+09
1.8E+09
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding # of Rounds
Mega Rounds
9 10 21 20 16 22 23 -
$470M
$0K
Total $ Invested

Finance & Accounting Tech > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Finance & Accounting Tech
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 4.9B 273
Charlotte 570M 12
New York City 436M 59
Bainbridge Island 322M 16
Dallas 318M 2
London 243M 49
Toronto 220M 23
Atlanta 208M 13
Fairway 198M 7
Los Angeles 188M 11
Total Funding
708
268
62
56
19
29
31
9
# Rounds
$8.9B
$905M
$366M
$205M
$135M
$116M
$79.6M
$70M
US
Europe
Canada
India
Japan
Australia
Latam
Israel
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.8 $0.6 $0.9 $0.9 $0.9
$2.0
$1.4
2012 2013 2014 2015 2016 2017 2018
$8.0
$8.6 $8.6
$6.4
$5.0 $4.4
$7.3
$8.4
$12.4 $11.4
$16.1 $14.0
$24.6
$19.9
$20.9 $27.8 $34.2
$48.2 $53.4 $54.5
$65.6
Finance & Accounting Tech > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Finance & Accounting Tech; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$18K* $20M
$250K $37M
$250K $70M
$425K $317M
$30M
$12M
$5M
$650K
Series C+
Series B
Series A
Seed
Stage

Note: 346 companies with undisclosed funding amount are not included
32
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
108
182
104
25
29
No. of Companies
Finance & Accounting Tech > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Finance & Accounting Tech; as of Jan 2019
Distribution of companies by Funding Range
$36M
$670M
$2.3B
$1.7B
$6.9B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
21%
9%
5%
3%
33
Note: Numbers in the brackets show the count of companies
Time to raise
next round
101
172
329
783
3660
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
21% 3%
(111)
2%
(82)
- 6%
(221)
73%
(2656)
42% 12%
(96)
9%
(70)
- 3%
(24)
55%
(430)
52% 16%
(54)
7%
(24)
- 1%
(2)
47%
(155)
59% 29%
(50)
12%
(21)
- 1%
(1)
41%
(70)
- 45%
(45)
16%
(16)
- - 21%
(21)
Finance & Accounting Tech > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Finance & Accounting Tech
Funding Funnel
18 Months
23 Months
23 Months
Investment backedBootstrapped
36
21
155
44
110
7
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Finance & Accounting Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Finance & Accounting Tech; Jan 2017-Jan 2019
Notable Investments in last 24 months (1/8)
LATE STAGE
$317M - PE Oct 2018
Professional Tax Services, Transaction Taxes, Tax
Credit Services
Onex
$300M - Series F Jun 2017
solutions
placement du Quebec, Temasek
$250M - Series E May 2018
Goldman Sachs, PSP Investments, HSBC Group,
HExistinging Italiana Quattordicesima S.p.A. (H14),
GP Bullhound, Grayswan, Notion, Santander
InnoVentures, American Express Ventures
LATE STAGE
$140M - Series C Jul 2018
Cloud-based HRMS and payroll management
solution
MSD Capital, Y Combinator, General Catalyst
Partners, CapitalG, Kleiner Perkins, 137 Ventures,
Emergence Capital, T. Rowe Price
$125M - Series C Oct 2018
Greenoaks, DST Global, IVP
$100M - Series G Sep 2017
Provider of cloud-based payables and receivables
payment solutions.
JPMorgan Chase & Co., Temasek, Silicon Valley Bank,
American Express Ventures
LATE STAGE
$100M - Series D Feb 2018
Provides platform for cash flow optimization
between business and suppliers
Allianz X, Mubadala, Temasek, Union Square
Ventures, Mithril
$80M - Series D Dec 2018
Meritech Capital Partners, Menlo Ventures, Union
Square Ventures, Spark Capital
$75M - Series E Feb 2018
Golub Capital
$60M - Series F Dec 2017
SaaS Corporate Performance Management Platform
Premji Invest, Baillie Gifford, Granite Ventures,
Industry Ventures, Meritech Capital Partners,
Salesforce, Top Tier Capital Partners

LATE STAGE
$60M - Series E Aug 2018
Line, Mitsubishi UFJ Financial Group
$55M - Series E Sep 2017
Salesforce, K1 Investment Management, Iconiq
Capital, Premji Invest, IBM
$50M - Series D May 2017
Riverwood Capital
$50M - Series C Sep 2017
HighRadius (2006, Houston, $50M)
Cloud-based accounts receivable solution provider
Susquehanna Growth Equity
LATE STAGE
Treasury automation and risk management
Sumeru Equity Partners, Bpifrance, Iris Capital,
HSBC Group, Daher Capital
$42M - Series C Oct 2017
Menlo Ventures, Social Capital
$40M - Series D Mar 2018
FirstMark, Index Ventures, Thrive Capital, Bain
Capital, Redpoint Ventures
$35M - Series D Dec 2017
Chrome River (2007, Los Angeles, $155M)
SaaS Expense Reporting & Invoice Management
Argentum Group, Bain Capital, First Analysis, Great
Hill Partners
LATE STAGE
$30M - Series F Dec 2018
Runway Growth
$30M - Series D Apr 2018
ContaAzul (2011, Joinville, $42.6M)
SaaS accounting and invoicing solutions for SMBs
Endeavor, Tiger Global Management
$30M - Series C Mar 2018
Canopy (2014, Lehi, $72M)
Tax resolution and practice management software
provider for tax professionals.
New Enterprise Associates, Wells Fargo, Pelion
Venture Partners, University Growth Fund, EPIC
Venture Fund
$30M - Series C Feb 2018
Tipalti (2010, Palo Alto, $57M)
Automated online mass payment system and
account payable platform.

LATE STAGE
$28M - Series C Jan 2018
Duco (2010, London, $35.1M)
SAAS reconciliation solution for financial services
firms
Insight Venture Partners, Eight Roads Ventures,
Lifetime, Cristóbal Conde, Alibaba Group, Michael
Spencer, NEX Opportunities
$25M - Series C May 2018
CloudPay (1996, Raleigh, $71M)
SaaS Payroll software and services
Rho Ventures, Hercules Capital
$24M - Series D May 2017
management.
Portag3 Ventures, Charles River Ventures, Social
Capital, BDC, OMERS Ventures, HarbourVest
Partners, OurCrowd
LATE STAGE
$22.5M - Series C Sep 2017
GoCardless (2011, London, $47.5M)
Online payments solutions for recurring payments
Accel Partners, Balderton Capital, Passion Capital,
Notion
$20.2M - Series E Dec 2018
$18.4M - Series C Mar 2018
Chargebee (2011, Chennai, $25.1M)
Managed subscription billing service for SaaS
Insight Venture Partners, Accel Partners, Tiger
Global Management
Madison Bay Capital Partners, Hummer Winblad
Venture Partners, InterWest Partners, Venrock
LATE STAGE
$12M - Series C May 2018
Tenaya Capital, Nyca, New Enterprise Associates
$10M - Series C Nov 2017
$10M - Series C Sep 2018
Invoice2go (2002, Sydney, $60M)
Invoice App
OCV Partners, Ribbit Capital, Accel Partners
$2.5M - Series F Nov 2017
Accounts payable and payment automation solutions
$2.1M - Series C Oct 2018

LATE STAGE
Series E Jan 2018
IBM
Series D Jan 2017
Wipro
Series D Aug 2017
KeyBank
Series D Jun 2018
Spark Capital
EARLY STAGE
$70M - Series B Apr 2017
Ivalua (2000, Redwood City, $74.5M)
Procure-to-Pay Automation
KKR
$50M - Series B Mar 2018
Y Combinator, Peter Thiel, Max Levchin, Yuri Milner,
Ribbit Capital, Саrl Pаsсаrellа
$50M - Series B Oct 2018
Cleartax (2010, Bangalore, $65.4M)
Platform for e-filing & CA assisted tax consulting
services for businesses and individuals
$50M - Series B Jul 2017
Receipt Bank (2011, London, $65M)
Invoice data extraction software.
EARLY STAGE
FreshBooks (2003, Toronto, $73M)
SaaS Accounting Application for SMBs
Georgian Partners, Accomplice, Oak Investment
Partners
GTreasury (1986, Lake Zurich, $42M)
Treasury management system provider
Mainsail Partners
Divvy (2016, Lehi, $57M)
Expense management and budgeting solution
AppZen (2012, Sunnyvale, $52.5M)
Personal Assistant for Expense Management
Arif Janmohamed, Lightspeed Venture Partners,
Redpoint Ventures, Resolute Ventures

EARLY STAGE
$25M - Series B Aug 2017
TravelBank (2015, San Francisco, $35M)
Cloud-based expense management Android and iOS
app for SMBs
DCM Ventures, Propel Venture Partners, New
Enterprise Associates, Accel Partners, Silicon Valley
Bank, Danhua Capital
$25M - Series B Jun 2017
FloQast (2013, Los Angeles, $33M)
SaaS month end Account Management for SMBs
Insight Venture Partners, Toba Capital, Polaris
Partners
OnlinePajak (2013, Jakarta, $25M)
Tax reporting application for SMEs
Sequoia Capital, Alpha JWC Ventures, Endeavor,
Global Innovation Fund, Warburg Pincus
EARLY STAGE
Rimilia (2008, Bromsgrove, $25M)
Robotic process automation based account
receivable management.
Kennet Partners, Eight Roads Ventures
$24.6M - Series B Apr 2018
Jedox (2002, Freiburg, $30M)
Open source Self-service BI and Corporate
Performance Management
Iris Capital, eCapital
$24.1M - Series B Jan 2018
MobileXpense (2000, Brussels, $24.1M)
Cloud-based expense management solution
Fortino Capital
$22M - Series B Nov 2017
TrueAccord (2013, San Francisco, $27.3M)
Behaviorial Analytics based debt recovery solutions.
Arbor Ventures, Nyca, Assurant, Felicis Ventures,
TenOneTen, Caffeinated Capital
EARLY STAGE
$20M - Series B Mar 2017
Pelion Venture Partners, New Enterprise Associates,
EPIC Venture Fund, Deep Fork Capital
$20M - Series B Feb 2017
VATBox (2012, Herzliya, $50M)
VAT Refund Automation
Target Global, Viola Group
$17.2M - Series B Jul 2017
Karmic Labs (2014, San Francisco, $24.9M)
Saas to manage cash flow and expenses for a
business
Alsop Louie Partners, Arbor Ventures, Greycroft
Partners, Marketplace Fund, Startup Capital
Ventures

EARLY STAGE
$16M - Series A May 2018
Pleo (2015, Copenhagen, $23M)
Corporate expense card and automated updation.
Creandum, Seedcamp, Kinnevik, Founders, Growth
Fund
$10.4M - Series B Dec 2017
Happay (2012, Bangalore, $18.3M)
Cloud based business expense management solution
Sequoia Capital, Axiom Capital Management, AME
Cloud Ventures, Brad Garlinghouse, Ben Nelson
$8.4M - Series B Dec 2018
YayPay (2015, Boston, $14.8M)
Account receivable's collection automation software.
Information Venture Partners, Birchmere Ventures,
QED Investors, Fifth Third Bancorp, Runway
Venture Partners, Gaingels Syndicate, 500 Startups
$7.4M - Series B Feb 2017
Bexio (2008, Rapperswil, $12.2M)
Online business management software for SMBs
Swisscom, Redalpine, ARMADA Investment
EARLY STAGE
$7.4M - Series A Feb 2018
Zervant (2010, Espoo, $16M)
Invoicing and time tracking for SMBs
Northzone, NFT Ventures, Conor Venture Partners,
Finnish Industry Investment, Business Finland
$7M - Series A Apr 2017
Ribbit Capital, Y Combinator
$7M - Series A Jun 2018
Karbon (2014, Sydney, $11.8M)
Cloud-based workflow management software for
accountants and accounting firms.
Blackbird Ventures
$5.3M - Series A Sep 2017
YayPay (2015, Boston, $14.8M)
Account receivable's collection automation software.
QED Investors, Fifth Third Bancorp, Aspect
Ventures, Techstars, Zelkova Ventures, Birchmere
Ventures, 500 Startups, Gaingels Syndicate
EARLY STAGE
$3.7M - Series A May 2017
Practice Ignition (2011, Sydney, $5.6M)
Cloud software package for accountants
Microequities, Right Click Capital, Black Sheep
Capital, Equity Venture Partners
$2.2M - Series A Nov 2017
ChartMogul (2014, Berlin, $3.7M)
Recurring Revenue Analytics for Subscription
Businesses
Alven, Point Nine Capital
$2M - Series A Apr 2017
Centage (2002, Natick, $25.3M)
Budgeting and planning software solutions for small
to medium sized businesses.
$250k - Series B Feb 2018
Happay (2012, Bangalore, $18.3M)
Cloud based business expense management solution
Series B Dec 2018
InvoiceCloud (2009, Braintree)
Invoice E-Payment Solution
General Atlantic

EARLY STAGE
Series A Apr 2017
Assembly (2013, Melbourne, $12.6M)
Escrow payments for marketplaces.
Invest
SEED STAGE
$20M - Seed May 2017
Nibo (2012, Rio De Janeiro, $20M)
Cloud-based financial management software.
Vostok Emerging Finance
$6.9M - Seed Apr 2018
Tesorio (2013, Philadelphia, $7.1M)
An online platform for invoice factoring.
$3.3M - Seed Feb 2017
Pleo (2015, Copenhagen, $23M)
Corporate expense card and automated updation.
Creandum, Seedcamp
$2.3M - Seed May 2018
ClassWallet (2014, Miami, $7M)
Virtual wallet app for school.
Florida Funders, Rainfall Capital, SV Angel,
Brentwood Associates, NewSchools Venture Fund,
Sinovation Ventures
$2M - Seed Dec 2018
Patriot Software (2002, Canton, $12.6M)
Online accounting and payroll software
SEED STAGE
$2M - Seed Dec 2017
Wagepoint (2012, Kitchener, $4M)
SaaS payroll application for SMBs
Timia Capital
$1.7M - Seed Dec 2018
$1.7M - Seed Nov 2018
$1.7M - Seed Oct 2018
$1.3M - Seed Oct 2018
$1.2M - Seed Sep 2018

SEED STAGE
$1.1M - Seed Jul 2018
$735k - Seed Feb 2018
Florida Funders
$480k - Seed Jun 2018
$120k - Seed Jun 2017
Y Combinator
Seed Jan 2017
Brentwood Associates

Finance & Accounting Tech > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
$43.2M - Series C Oct 2018
YunZhangFang (2015, Nanjing, $58.1M)
SaaS enterprise finance book keeping and taxation
platform
Hillhouse Capital Group
$14.5M - Series C Dec 2018
Huilianyi (2016, Shanghai, $26.9M)
SaaS for travel and expense management for
enterprises and SMEs
SB China Capital, Zhonglin Capital
$7.9M - Series D Mar 2018
Gongziqianbao (2015, Shanghai, $37.9M)
Online wallet and payroll management application
Marathon Venture Partners, Xiaomi, Shunwei Capital
EARLY STAGE
$45.3M - Series A Dec 2017
Onlyou (2016, Shenzhen, $45.3M)
Enterprise accounting and business intelligence
service provider
AVIC Trust
Quancheng (2013, Shanghai, $38M)
Cloud-based expense management platform for
businesses
Arbor Ventures
$31M - Series B Jan 2018
Hsuanzhang (2014, Beijing, $84M)
Online financial and tax services provider for
enterprises
Xiaomi
Hsuanzhang (2014, Beijing, $84M)
Online financial and tax services provider for
enterprises
THG Ventures, IDG Capital, CreditEase
EARLY STAGE
$7.9M - Series B Mar 2018
Huilianyi (2016, Shanghai, $26.9M)
SaaS for travel and expense management for
enterprises and SMEs
Blue Lake Capital, SB China Capital, Zhonglin Capital

Most Active Investors (VC, PE) by Stage in Finance & Accounting Tech; Last 5 years (Jan 2014-Jan 2019)
Most Active VC & PE Investors
43
Finance & Accounting Tech > Investment Trends > Most Active VC & PE Investors
SEED STAGE
SixThirty(4 Investments)
Cheddar, Assembly, DAVO Technologies
1
Point Nine Capital(3 Investments)
ChartMogul, Procurify, Candis
2
High-Tech Grunderfonds(3 Investments)
Taxdoo, Isaac10, SE.M.Labs
3
Golden Gate Ventures(3 Investments)
FlowAccount, Jojonomic, Paper
4
Right Side Capital Management(3
Investments)
ScaleFactor Partners, Talk Accounting, Valid8 Financial
5
SV Angel (2 Investments)
MileIQ, ClassWallet
6
Draper Associates(2 Investments)
Capshare, Karmic Labs
7
Lerer Hippeau Ventures(2 Investments)
Ordway Labs, Payable
8
New Enterprise Associates(2 Investments)
Canopy, Compass
9
Freestyle Capital(2 Investments)
Payable, Bold
10
EARLY STAGE
Accel Partners (5 Investments)
TravelBank, Chargebee, Invoice2go
1
Ribbit Capital (5 Investments)
Gusto, Brex, Invoice2go
2
Insight Venture Partners (4 Investments)
Receipt Bank, FloQast, Divvy
3
Sequoia Capital (3 Investments)
Happay, OnlinePajak, Numberz
4
Eight Roads Ventures (3 Investments)
Rimilia, Recurly, Accounting SaaS Japan
5
Index Ventures(3 Investments)
Spendesk, Pilot, Silverfin
6
Greycroft Partners (3 Investments)
Botkeeper, Recurly, Karmic Labs
7
Arbor Ventures(3 Investments)
TrueAccord, Karmic Labs, Accounting SaaS Japan
8
TTV Capital (3 Investments)
Hurdlr, Instant, Apruve
9
Kennet Partners (3 Investments)
Receipt Bank, Rimilia, Crossborder Solutions
10
LATE STAGE
Temasek(3 Investments)
Bill.com, AvidXchange, C2FO
1
Meritech Capital Partners (2 Investments)
Carta, Coupa
2
Bain Capital Ventures(2 Investments)
AvidXchange, Chrome River
3
Tiger Global Management(2 Investments)
C2FO, ContaAzul
4
TCV (2 Investments)
Avalara, FinancialForce
5
Luminate Capital Partners (2 Investments)
Fintech, Oversight
6
Insight Venture Partners (2 Investments)
Chargebee, Duco
7
Nyca (2 Investments)
Canopy, AvidXchange
8
Citi Ventures (2 Investments)
HighRadius, C2FO
9
IVP (2 Investments)
Brex, SteelBrick
10

Finance & Accounting Tech > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Finance & Accounting Tech; Last 5 years (Jan 2014-Jan 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Y Combinator(20 Investments)
Cleartax, Brex, Plate IQ
1
500 Startups(15 Investments)
YayPay, FlowAccount, AuditFile
2
Techstars(15 Investments)
YayPay, SaaSOptics, ShieldPay
3
Plug and Play Tech Center(7 Investments)
TrueAccord, Bento, PowerPlan
4
Startupbootcamp(5 Investments)
POM, InvoiceSharing, BanhJi
5
Axilor Ventures(4 Investments)
Vyapar, Finly, TaxGenie
6
PreSeed Ventures(4 Investments)
Cardlay, Upodi, Intercompany Software
7
Alchemist Accelerator(3 Investments)
Flowcast, Jirav, Sourcery
8
Barclays Accelerator(3 Investments)
Cashforce, Dopay, Tallysticks
9
BlueChilli(3 Investments)
CurrencyVue, Squirrel Street, TrusTill
10
OTHER NOTABLE INVESTORS
FundersClub(8 Investments)
Cleartax, Spendesk, AppZen
1
Kima Ventures(7 Investments)
Spendesk, Shine, Payfit
2
BDC(6 Investments)
Wave Accounting, Hubdoc, Klipfolio
3
Fifth Third Bancorp(4 Investments)
AvidXchange, YayPay, Transactis
4
JMI Management(4 Investments)
Adaptive Insights, Blackbaud, Transcentive
5
SaaS Capital(4 Investments)
FreeAgent, inDinero, Webgility
6
HSBC Group(3 Investments)
Tradeshift, Kyriba, Synapse Information
7
Goldman Sachs(3 Investments)
Billtrust, Tradeshift, Ryan
8
Wayra(3 Investments)
Dunforce, Albert, Colppy
9
Wells Fargo(3 Investments)
Canopy, Transactis, Model N
10
DEBT INVESTORS
Silicon Valley Bank(8 Investments)
TravelBank, Bench, Bill.com
1
Providence Equity Partners(3
Investments)
PaySimple, Ministry Brands, SunGard
2
Harbert Management(3 Investments)
Ceterus, Treasury Intelligence Solutions, iiPay
3
Hercules Capital(3 Investments)
C2FO, Aria, CloudPay
4
BEST Funds(2 Investments)
Delego, Necho System
5
Ares Capital Corporation(2 Investments)
Xifin, Ministry Brands
6
KKR(2 Investments)
Ivalua, MYOB
7
Ardian
Electronic Funds Source
8
Leader Ventures
Interlace Systems
9
TPG
AvidXchange
10

Finance & Accounting Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/6)

Finance & Accounting Tech > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
52
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
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January 2019Tracxn BlueBox – Finance & Accounting
54
Finance & Accounting Tech > Market Details > BlueBox

Key Sub Sectors
55
Key Sub Sectors in Finance & Accounting Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies providing financial accounting related solutions such as bookkeeping, invoicing,
tax, and payroll software
Apttus (2006, San Mateo, Acquired)
2851 545 $9.7B
Companies offering various financial planning tools for valuation, forecasting, and other
corporate ....
Anaplan (2006, San Francisco, Public)
425 127 $1.4B
Accounting Enablers
Companies offering solutions to enable/optimize the accounting processes
Vindicia (2003, Redwood City, Acquired)
Receipt Bank (2011, London, $65M)
383 111 $489M
Finance & Accounting Tech > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/5)
56
Finance & Accounting Tech > Market Details > Detailed Sector Taxonomy

57

58

59

60

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+6)
Accounting Solutions > Taxation > Tax Software
Companies offering software to calculate and file taxes online to businesses
(Companies covered 144 | Funded 26 | Total Funding $871M)
$483M
(+$335M)
14
(+2)
Ryan
(1991, Dallas, $317M)
2
(+2)
Accounting Solutions > Accounting Suite > SMB
Companies providing accounting suite software with the focus on SMBs
$265M
(+$184M)
34
(+15)
Freee
(2012, Minato, $115M)
3
(+3)
Accounting Solutions > Invoice Management > Payables
Companies automating invoice management and payments on the buyer side
$380M
(+$75.7M)
13
(+2)
AvidXchange
4
(-1)
Accounting Solutions > Expense Management > Expense Tracking Software
Companies offering software for tracking and reporting employee's expenses
$107M
(+$43.5M)
20
(-5)
AppZen
(2012, Sunnyvale, $52.5M)
5
(+4)
Accounting Solutions > Expense Management > Expense Cards
Companies offering prepaid business expense cards with expense reporting application
$246M
(+$197M)
12
(-3)
Brex
6
(-1)
Accounting Solutions > Invoice Management > Payables & Receivables
Companies automating the entire invoicing process for both payables and receivables
$168M
(+$83.2M)
11
(-5)
Bill.com
(2006, Palo Alto, $259M)
7
(-6)
Accounting Solutions > Payroll Management > Payroll Software
Companies providing software to manage employee payroll, taxes and reimbursements
$245M
(+$11.3M)
9
(-8)
Gusto
61
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/4)
Top Markets by Funding in Finance & Accounting Tech in last 2 years (January 2017 - December 2018)
Finance & Accounting Tech > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Accounting Solutions > Expense Management > Expense Tracking Software
Companies offering software for tracking and reporting employee's expenses
(Companies created 181 | Funded 52 | Total Funding $249M )
3
AppZen (2012, Sunnyvale, $52.5M)
Spendesk (2015, Paris, $12.1M)
2
Accounting Solutions > Payroll Management > Payroll Software
Companies providing software to manage employee payroll, taxes and reimbursements
1 Payfit (2015, Paris, $21.5M)
3
Accounting Solutions > Bookkeeping > Tech-enabled Services
Companies providing bookkeeping services through their online platform or product
(Companies created 25 | Funded 2 | Total Funding $66.4M )
1 Pilot (2017, San Francisco, $18.3M)
4
Accounting Enablers > Collaboration Software
Companies offering software that help accountants and their clients to collaborate and share financial
documents
(Companies created 21 | Funded 6 | Total Funding $25.3M )
1 Silverfin (2013, Ghent , $4.5M)
5
Accounting Solutions > Invoice Management > Receivables > Collections > Online
Invoice Payment
Companies providing invoice receivables solutions with online payment acceptance
1 Numberz (2015, Gurgaon, $3.9M)
6
Accounting Solutions > Taxation > Tax Software
Companies offering software to calculate and file taxes online to businesses
1 OnlinePajak (2013, Jakarta, $25M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
65
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (January 2017 - December 2018)
Finance & Accounting Tech > Market Details > Top Markets of Early Stage Investors

Incubators
Y Combinator (#1), Entrepreneurs Roundtable Accelerator
(#1)
Seed Sequoia Capital (#1), New Enterprise Associates (#1)
Series A/B Warburg Pincus (#1), TCV (#1)
Series C+ Battery Ventures (#1), Tenaya Capital (#1)
Taxfiler May - 2018
Acq by Iris Software
CrossLink Feb - 2018
Acq by LNC Partners
Tax Computer Systems Feb - 2005
IPO'd on LON
Second Decimal Mar - 2015
Acq by Ryan
Avalara MyLodgeTax Mar - 2015
Acq by Avalara
Avalara VATlive Dec - 2014
Acq by Avalara
KDK Softwares Jul - 2014
Acq by Intuit
$597k - Seed
Declarando (2015, Barcelona, $597k)
$50M - Series B
$25M - Series B
OnlinePajak (2013, Jakarta, $25M)
$317M - PE
$5M - Series A
DAVO Technologies (2011, Portland,
$6.7M)
$12M - Series C
Dec 2018
Avalara Announces 41 Newly-Certified Integrations into
Business Applications, AIThority
Dec 2018
Spanish tax advice startup Declarando raises €525k to help
more freelancers pay less taxes, EU-Startups
Dec 2018
FORTUNE Recognizes Ryan as One of the 2018 Best
Workplaces for Parents, PR Newswire
Dec 2018
NYU Honors Ryan Global President and COO with Paul H.
Frankel Award, Citybizlist
Dec 2018
Ryan Acquires France-based VAT Systems to Accelerate EU
VAT Compliance Services, Business Wire
Dec 2018
Entrepreneurial couple empowers MSMEs, Manila Bulletin
Publishing Corporation
Dec 2018
EZTax.in Enhanced Its Engagement With NRIs Through
Income Tax Hotline, Asian News International
Nov 2018
Canopy plans cloud-based tax prep software, Accounting
Today
Oct 2018
OnlinePajak secures $25m funding to improve Indonesia's
tax landscape, Tech in Asia
Oct 2018
Fieldpoint Certified for Avalara's Sales Tax Automation
Solution, Newswire
Oct 2018 Onex Invests in Ryan, GlobeNewswire
Oct 2018
Taxumo bags 3 trophies at 2018 Asean Rice Bowl Startup
Awards, Newsbytes
Oct 2018 DAVO gets tooled up with new funding, Banking Technology
Sep 2018
Avalara MyLodgeTax Introduces New API for Streamlined
Customer Onboarding, Hospitality Tech
News
11
3
10
26
144
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accounting Solutions > Taxation > Tax Software: Market Factsheet
66
Exits
Most Active Investors
Recent InvestmentsCompanies offering software to
calculate and file taxes online to
businesses
Tax Computer Systems
(1991, Twickenham)
Avalara
(2004, Bainbridge Island, $322M)
Ryan
(1991, Dallas, $317M)
Canopy
(2014, Lehi, $72M)
Cleartax
(2010, Bangalore, $65.4M)
Top Companies
#1 Top Markets of Investment Activity
Finance & Accounting Tech > Market Details > Market: Tax Software
Companies Created 144 | Funded 26 | Total Funding $871M
0
2
4
6
8
10
$0k
$100M
$200M
$300M
$400M
$500M
2014 2015 2016 2017 2018
YoY Funding Rounds
YoY Funding and Rounds
Market: Tax Software

Accounting Solutions > Taxation > Tax Software: Top Companies
Analyst’s Pick
Avalara (2004, Bainbridge Island, $322M)
Cloud-based Taxation Service
Warburg Pincus, TCV, Sageview Capital and 7 Other
Investors
Professional Tax Services, Transaction Taxes, Tax
Credit Services
Editor's Pick. Stage: Funded
Onex, Goldman Sachs, Bank of America, Prospect
Street Ventures
Minicorn. Stage: Series C
Tenaya Capital, Nyca, New Enterprise Associates
Analyst’s Pick
Platform for e-filing & CA assisted tax consulting
services for businesses and individuals
Minicorn. Stage: Series B
SAIF Partners, Sequoia Capital, Founders Fund and
8 Other Investors
VATBox (2012, Herzliya, $50M)
VAT Refund Automation
Minicorn. Stage: Series B
Target Global, Viola Group
Tax Computer Systems (1991, Twickenham)
Solutions for corporate tax
Business Growth Fund
Taxamo (2010, Tralee)
International digital tax solution
Editor's Pick. Stage: Unfunded
TaxCloud (2012, Delhi)
Cloud based ITR and e-TDS software for enterprises
Analyst’s Pick
Vat4u (2015, Dusseldorf)
Online VAT refund platform
Vertex (1978, Berwyn)
Provider of corporate Tax solutions
Zenwork (2002, Fayetteville)
Online tax filing and compliance platform

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
68
Accounting Solutions > Taxation > Tax Software: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Cleartax 2010 Bangalore Series B $65.4M 6 - 4 - - 5.6k 308k 295 - 34 13% 1.3k 28%
4.8 Canopy 2014 Lehi Series C $72M 5 - - - - 1.6k - - 8 - - 214 16%
4.8 OnlinePajak 2013 Jakarta Series B $25M 2 - - - - 4k - - 5 - - 1.1k 35%
4.0 Avalara 2004
Bainbridge
Island
Series F $322M 16 - - - - 25k - - 40 - - -200 -1%
4.0 LumaTax 2016 Seattle Series A $5M 2 - - - - 71 - - 3 - - 19 37%
3.7 VATBox 2012 Herzliya Series B $50M 2 - 5 - - 561 300 7 5 - - 16 3%
3.7 Ryan 1991 Dallas Funded $317M 3 - - - - - - - 47 - - - -
3.3 Taxumo 2016 Tagum Seed $21.4k 1 - - - - 188 - - 4 - - 27 17%
3.2 All India ITR 2016 Gurgaon Unfunded - - - 4 - 3 951 303k 2.1k 1 1.1k 104% 102 12%
3.1 Iris GST 1994 Mumbai Unfunded - - - 5 - 4 327 8k 111 - 102
1133
%
96 42%
3.1
DAVO
Technologies
2011 Portland Series A $6.7M 7 - - - - - - - 2 - - - -
3.0 CrossLink 2008 Tracy Acquired - - - 3 4 4 362 9k 30 2 4 15% 7 2%
2.9 Vertex 1978 Berwyn Unfunded - - - 5 - - 1.5k 300 1 25 2
-
200%
130 10%
2.9 Declarando 2015 Barcelona Seed $597k 1 - - - - 439 - - 1 - - 14 3%
2.9 EZTax 2017 Hyderabad Unfunded - - - 5 - 2 131 84k 119 1 44 59% 40 44%

Incubators 500 Startups (#2), Entrepreneur First (#1)
Seed DCM Ventures (#1), Battery Ventures (#1)
Series A/B Ribbit Capital (#1), Salesforce (#1)
Series C+ BDC (#1), HarbourVest Partners (#1)
FIMAC Solutions Oct - 2018
Acq by BankerAdvice
Jet Financial Sep - 2018
Acq by Deloitte
Loop Sep - 2018
Acq by Cegid
Bexio Jul - 2018
Acq by Mobiliar
Colppy Jun - 2018
Acq by Nubox
$2M - Seed
Patriot Software (2002, Canton,
$12.6M)
$1.7M - Seed
$12.6M)
$1.7M - Seed
$12.6M)
$1.7M - Series A
Portify (2017, London, $1.7M)
$1.7M - Seed
$12.6M)
$1.3M - Seed
$12.6M)
Jan 2019
Comprehensive Report on Tax Compliance Software Market
Focusing on Vertex, SOVOS, H&R Block, EGov Systems, Intuit
Inc., Xero, Thomson Reuters, Exactor, Wolters Kluwer., Digital
Journal
Jan 2019
Payroll Management Software Market Research Report
2018-2025 | Top Key Players - ADP Workforce, Dayforce,
Sage, Xero, Kronos, Gusto, BambooHR, Zenefits, Epicor,
PeopleSoft, AccountEdge, Paychex Payroll, Intuit Payroll,
openPR
Jan 2019
Latest 2018 ez1095 ACA Software From Halfpricesoft.com
Offers Updated Import Feature, PRWeb
Dec 2018 Sage Appoints New CFO, Techfunnel
Dec 2018
Kofax’s $400 Million Acquisition of Nuance Document
Imaging Division, Global Legal Chronicle
Dec 2018
OnPay joins Xero’s certified app partner program, Accounting
Today
Dec 2018
Intuit QuickBooks and Sanjeev Bhaskar OBE Team Up in TV
Advert to Raise Awareness of MTD, Fintech Finance
Dec 2018
Intuit, Futurpreneur, and the Shared Ambition to Empower,
Techvibes
Dec 2018
Sage Customer Honored with Chicago CFO of the Year
Award, GlobeNewswire
Dec 2018 Sage American dream, Enterprise Times
Dec 2018
Intuit Launches Redesigned QuickBooks ProAdvisor
Program with New Points-based System and Innovative
Benefits, Business Wire
Dec 2018 JPMorgan steps down from sideline on Intuit, Seeking Alpha
News
36
9
26
59
586
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accounting Solutions > Accounting Suite > SMB: Market Factsheet
69
Exits
Recent InvestmentsCompanies providing accounting
suite software with the focus on
SMBs
FreeAgent
(2007, Edinburgh, $5.1M)
Class Super
(2009, Sydney)
Kofax
(1985, Irvine)
Sage Group
(1997, Newcastle Upon Tyne)
Intuit
Top Companies
Finance & Accounting Tech > Market Details > Market: SMB
0
5
10
15
20
25
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
$160M
2014 2015 2016 2017 2018
YoY Funding Rounds
Market: SMB

Accounting Solutions > Accounting Suite > SMB: Top Companies
Market: SMB (1/2)
Analyst’s Pick
Line, Mitsubishi UFJ Financial Group, SBI
Investment and 6 Other Investors
management.
Portag3 Ventures and 10 Other Investors
ContaAzul (2011, Joinville, $42.6M)
SaaS accounting and invoicing solutions for SMBs
Editor's Pick. Stage: Series D
Endeavor, Tiger Global Management, Ribbit Capital
Minicorn. Stage: Seed
Analyst’s Pick
Bexio (2008, Rapperswil, $12.2M)
Online business management software for SMBs
Minicorn. Stage: Acquired
Swisscom, Redalpine, ARMADA Investment,
Spicehaus Ventures
Countingup (2017, London, $3.7M)
Online accounting solution
Editor's Pick. Stage: Seed
Forward Partners, Frontline Ventures, JamJar
Investments and 4 Other Investors
ZipBooks (2015, Great Lakes, $2.3M)
Online accounting software for small businesses
Peak Ventures, Pelion Venture Partners, Liquid 2
Ventures
MYOB (1991, Glen Waverley)
Bain Capital Private Equity, HarbourVest Partners,
KKR, VantEdge Partners
Analyst’s Pick
Xero (2006, Wellington)
Online Accounting Software for SMBs
TCV, Accel Partners, Matrix Partners and 3 Other
Investors
Reckon (1987, Sydney)
Web-based accounting and bookkeeping software
for SMBs and other users
Intuit (1983, Mountain View)
Business and Financial Management solutions
provider
KPCB, Kleiner Perkins, Sierra Ventures
Iris Software (1979, Datchet)
Business software for accounting and payroll
sectors using 3rd party software.
ICG, HgCapital, LDC, Hellman & Friedman
Loop (2012, Courbevoie)
Cloud-based accounting solution

Accounting Solutions > Accounting Suite > SMB: Top Companies
Market: SMB (2/2)
Analyst’s Pick
Memory (1986, Montevideo)
Online accounting solution
Nubox (2001, Santiago)
Cloud-based accounting solution provider
Riverwood Capital
SMACC (2006, Riyadh)
Accounting software for small and medium-sized
enterprises
TAS Software (1992, Newcastle Upon Tyne)
Accounting solution for SMEs
WolfePak (1986, Abilene)
Accounting solution provider for Oil and Gas sector.

72
Accounting Solutions > Accounting Suite > SMB: Leaderboard
Market: SMB
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0
Wave
Accounting
2009 Toronto Series D $86.3M 12 - 5 - - 9 600k 13.2k 12 2.6k 24% - -
4.9 Freee 2012 Minato Series E $115M 7 - 4 - - 7.6k 308k 565 2 87 18% 381 5%
4.8 FreeAgent 2007 Edinburgh Acquired $5.1M 6 - 4 - - 12k 30k 189 22 91 93% 401 3%
4.6 Xero 2006 Wellington Public - 7 - 3 - - 68k 441k 2.5k 118 173 8% 2.8k 4%
4.5 FreshBooks 2003 Toronto Series B $73M 2 - 4 - - 31k 600k 2.9k 10 276 11% -400 -1%
4.4 Sage Group 1997
Newcastle
Upon Tyne
Acquired - 2 - 3 - 4 15k 58k 299 116 47 19% 1.1k 7%
4.3 Shine 2017 Paris Series A $12.5M 2 - 5 - 4 - 30k 339 3 910
-
159%
- -
4.2 Kofax 1985 Irvine Acquired - 3 5 4 4 4 6k 34k 82 64 - - 100 2%
4.2 Intuit 1983
Mountain
View
Acquired - 2 - 4 - - 74k 17.2M 108.4k 135 6.8k 7% -801 -1%
4.2 Countingup 2017 London Seed $3.7M 2 5 4 - 4 576 8k 33 8 40
-
571%
- -
4.1 Bexio 2008 Rapperswil Acquired $12.2M 2 - 4 - - 2.3k 3k 13 1 10 333% 13 1%
4.1 ContaAzul 2011 Joinville Series D $42.6M 7 - 3 - - 15k 75k 416 5 98 31% -300 -2%
4.0 MYOB 1991
Glen
Waverley
Public - 1 - 3 - - 19k 30k 250 34 18 8% 900 5%
3.9 Iris Software 1979 Datchet Acquired - 2 - 3 - - 19k 30k 245 8 26 12% 12 -

Incubators Y Combinator (#1), UpWest Labs (#1)
Seed BDC (#1), Point Nine Capital (#1)
Series A/B Silicon Valley Bank (#1), Eight Roads Ventures (#1)
Series C+ Bain Capital Ventures (#1), Fifth Third Bancorp (#1)
Strongroom Solutions May - 2015
Acq by AvidXchange
170 Systems Sep - 2009
Acq by Kofax for $42M
OpsTechnology Oct - 2008
Acq by RealPage
Ibistic Dec - 2004
Acq by Visma
$3.5M - Series B
Nvoicepay (2009, Beaverton, $24.6M)
$10.1M - Series B
Beanworks (2012, Vancouver, $14.8M)
$6.7M - Series A
Stampli (2014, Givat Shmuel, $9M)
$2.6M - Series A
CloudTrade (2009, Southampton,
$2.6M)
$14.1M - Series A
PaymentWorks (2013, Cambridge,
$16.6M)
$30M - Series C
$2.5M - Series F
Seed
Talygon (2016, San Francisco)
Dec 2018
AvidXchange Announces Major Growth of Charlotte
Headquarters, Adding 1,200+ New Jobs Over the Next Five
Years, PR Newswire
Nov 2018
Bottomline Technologies Wins Payment Innovation Award,
Citybizlist
Nov 2018 Plate IQ Tops $100M in Payments, Hospitality Tech
Nov 2018
Bottomline Technologies Reports First Quarter Results,
GlobeNewswire
Nov 2018
CloudTrade Launches Public Cloud Services, Migrates to
Micrrosoft Azure, ReadITQuik
Nov 2018
Industry Leaders Share Outlook on the Future of Business
Payments in eBook, Fintech Finance
Oct 2018
Nvoicepay and Symbeo Bring Enterprise Payables into the
21st Century, PRWeb
Oct 2018
Global Payables Automation Platform Tipalti Announces
Integration With Intuit Quickbooks Online, Crowdfund Insider
Oct 2018
Payments company Nvoicepay looks to raise more money, PE
Hub
Oct 2018
Nvoicepay builds payment technology for accounting
systems, Accounting Today
Oct 2018
Cloudtrade Scales Up Its Board And Management Team To
Support Continued Global Growth, Financial IT
Oct 2018
Bottomline Technologies expands Secure Payments offering,
Finextra
Sep 2018
Beanworks raises $10.1 million Series B to automate
accounting, BetaKit
News
5
3
13
18
88
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Accounting Solutions > Invoice Management > Payables: Market Factsheet
73
Exits
Recent InvestmentsCompanies automating invoice
management and payments on the
buyer side
Bottomline Technologies
(1989, Portsmouth)
AvidXchange
Tipalti
(2010, Palo Alto, $57M)
Nvoicepay
(2009, Beaverton, $24.6M)
MineralTree
(2010, Cambridge, $18.9M)
Top Companies
Finance & Accounting Tech > Market Details > Market: Payables
0
1
2
3
4
5
6
7
8
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
2014 2015 2016 2017 2018
YoY Funding Rounds
Market: Payables

Accounting Solutions > Invoice Management > Payables: Top Companies
Market: Payables
Analyst’s Pick
solutions
placement du Quebec and 15 Other Investors
Automated online mass payment system and
account payable platform.
Minicorn. Stage: Series C
SGVC
Dataline (1987, Chatswood)
Cloud-based accounts payable automation solution
InShip (2014, Dublin)
Account payable automation software.
Storecove (2014, Amsterdam)
Automatic supplier invoice collection software.
Otterloo Ventures
Analyst’s Pick
Talygon (2016, San Francisco)
Vendor management and payment solution
NFX
Yooz (2013, Fort Worth)
Cloud-based accounts payable automation

75
Accounting Solutions > Invoice Management > Payables: Leaderboard
Market: Payables
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 AvidXchange 2000 Charlotte Series F $570M 12 - - - - 2.2k - - 30 - - 107 5%
4.8 Nvoicepay 2009 Beaverton Series B $24.6M 11 - - - - 6.8k - - 10 - - 232 4%
4.7 Tipalti 2010 Palo Alto Series C $57M 3 - - - - 1.1k - - 13 - - 50 5%
4.4 MineralTree 2010 Cambridge Series B $18.9M 4 - - - - 1.2k - - 10 - - 4 -
4.3 CloudTrade 2009
Southampt
on
Series A $2.6M 1 - - - - 668 - - 12 - - 54 9%
4.2 Plate IQ 2014
San
Francisco
Seed $4.1M 2 - - - - 381 - - 5 - - 67 21%
3.6
OpsTechnolo
gy
1999
San
Francisco
Acquired $16M 1 - - - - 7.4k - - - - - - -
3.5 Beanworks 2012 Vancouver Series B $14.8M 3 - - - - - - - 3 - - - -
3.5
PaymentWor
ks
2013 Cambridge Series A $16.6M 3 - - - - 101 - - - - - 6 6%
3.3 Stampli 2014
Givat
Shmuel
Series A $9M 2 - - - - - - - 2 - - - -
3.2
Bottomline
Technologies
1989 Portsmouth Public - 1 - 4 - 4 - 4k 6 37 - - - -
2.8 Controlle 2009 Criciuma Unfunded - - - 5 2 4 55 8k 199 - 94 90% 12 28%
2.7
Strongroom
Solutions
2007 Houston Acquired - - - - - - 2.2k - - - - - 107 5%
2.6 170 Systems 1990 Bedford Acquired $14M 1 - - - - - - - 1 - - - -

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Market: Payables & Receivables

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