Botkeeper joins Financial Data Exchange to help drive the future of Financial Data

Source: IBS Intelligence 2020-07-16

Boston-based AI-powered Bookkeeping company Botkeeper has announced joining the Financial Data Exchange (FDX), a nonprofit dedicated to unifying the leading financial institutions, FinTechs and others around a common standard for data sharing across the entire financial industry..

As an FDX member, Botkeeper will join various notable industry powerhouse partners such as Intuit, USAA, Bank of America, and Fannie Mae who are coming together to work in conjuction to help consumers and businesses make informed financial decisions by sharing their financial data.

“Botkeeper has been a big proponent of democratizing AI and automated bookkeeping for the accounting industry. We do this by building and licensing our software to the 46,000+ existing accounting firms, allowing them to immediately benefit from a level of efficiency and accuracy that they could otherwise not afford to develop in-house. Embodied in this belief is the idea that financial data should be free and secure for all to access, process, and glean insights from. Botkeeper has thus chosen to invest in and join FDX as it strives to provide free and secure financial data to consumers and businesses alike,” said Enrico Palmerino, co-founder, and CEO at Botkeeper.

Botkeeper is a leading automated bookkeeping solution that works along with Accounting firms to help grow their business, deliver better service and improve margins to their clients by augmenting manual and tedious bookkeeping work. The firm provides their Accounting partners and clients access to a combination of software and bookkeeping services, part of which includes a secure connection to over 16k banks and credit card institutions for electronic data fetching, and transaction categorisation. CPA firms and businesses using these services require convenient connectivity to the financial data necessary to conduct the bookkeeping.

“We are really excited to have Botkeeper join FDX! The addition of Botkeeper’s voice will help ensure that the FDX API standard and associated use cases work well for B2B applications like bookkeeping and accounting. Like many FDX members, Botkeeper is helping small businesses monetize and leverage their own financial data in ways never before possible, and we are excited to welcome them to the FDX ecosystem,” said Don Cardinal, Managing Director at FDX.

Recently, Botkeeper raised $25 mn in Series B funding led by Point72 Ventures.

Founded in 2015, Botkeeper provides automated bookkeeping support to businesses and accounting firms by using a powerful combination of machine learning, artificial intelligence, and skilled accountants.

Botkeeper

Financial Data Exchange

Botkeeper joins Financial Data Exchange to help drive the future of Financial Data

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