UK-based Receipt Bank acquires data quality specialists Xavier

Source: IBS Intelligence 2020-06-16

UK-based digital accounting platform Receipt Bank acquired Bristol’s data quality specialist firm, Xavier in a bid to expand the range of advisory tools offered to accountants and bookkeepers. The acquisition follows the Bank’s $73 million Series C fundraise. The Bank aims to provide products to boost the accountants’ efficiency.

Receipt Bank CEO Adrian Blair commented, “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better quality data at every step.”

Bristol-based Xavier automates complex checking of financial data with a health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers. Xavier will help avoid costly data errors and provide assurance and value for small businesses.

Rich Nicolson, Xavier CEO, added, “Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”

The collaboration, therefore, adds Xavier to Receipt Bank’s product portfolio. The Bank is currently in plans of expanding the joint offer internationally in 2020 with Xavier’s launch in Australia this Autumn, following the launch business insights tool ‘Resilience’.

UK-based Receipt Bank saves and sorts data from business paperwork in one place, giving accountants the tools to help small businesses financially plan their future. Its technology aims to free up accountants from manual financial data management, giving them more of their client’s business trading data in real-time, and the tools to help them support best-in-class financial advice.

UK-based Receipt Bank acquires data quality specialists Xavier

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