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AccountsIQ, the cloud-based accounting platform, has secured a €60m (£50m) Series C investment from Axiom Equity, a specialist B2B SaaS growth equity fund, to help it develop its AI capabilities.
The investment will be focused on continuing to develop the AccountsIQ product to shape the finance function of the future, particularly to take advantage of advancement in AI throughout all aspects of the solution.
AccountsIQ provides a financial management system (FMS) Software-as-a-Service designed to transform the finance function, solving complex problems like multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes.
It empowers finance teams to collaborate digitally with stakeholders in their businesses by giving the right information to the right user at the right time, enhancing the financial IQ of the organisation so it can make better decisions.
This investment will enable AccountsIQ to move to the next level of its development as a leading international FMS, growing its resources to more than double its team to over 200 people over the next few years and enhancing its AI capability to deliver even more value to its diverse customer base.
Tony Connolly, founder and CEO of AccountsIQ, said: “Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level. This investment comes at a perfect inflection point for our offering, to allow us leverage AI tools into practical, easy to adopt services for our user base, to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”
Martin Wygas, founding partner of Axiom Equity, added: “We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning. The deep understanding of their customer base and forward-thinking vision deeply resonated with our team.
“Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”
