AccountsIQ, a cloud-based accounting platform, secures a €60 million Series C investment to enhance product development and integrate advanced AI capabilities. The investment aims to reshape the future of finance by streamlining processes and empowering finance teams with crucial information efficiently.
AccountsIQ Secures €60M Investment to Revolutionise Finance with AI Integration
LONDON & DUBLIN – In a significant development for the financial technology sector, cloud-based accounting platform AccountsIQ has announced securing a substantial €60 million Series C investment from Axiom Equity, a specialised growth equity fund focusing on B2B SaaS.
The capital injection will mainly be utilised for enhanced product development, integrating advanced artificial intelligence (AI) capabilities across the platform, and fuelling international growth. This move positions AccountsIQ to reshape the future of finance by leveraging AI to streamline and automate complex financial processes.
Transforming Finance with AI
AccountsIQ’s financial management system (FMS), offered as a Software-as-a-Service (SaaS), intends to address intricate financial challenges. This includes issues such as multi-currency consolidation, multi-level approvals, third-party integrations, and daily process automation. The system is designed to empower finance teams by providing crucial information to relevant stakeholders efficiently, thus enhancing organisational decision-making.
The new investment aims to bolster AccountsIQ’s developmental trajectory, expanding its workforce to over 200 people in the upcoming years. It will also enhance the platform’s AI capabilities to offer more value to its global customer base, which surpasses 1,000 companies.
Leadership Vision
Tony Connolly, Founder and CEO of AccountsIQ, expressed his enthusiasm about the investment milestone. “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,” Connolly stated.
Martin Wygas, Founding Partner of Axiom Equity, shared similar sentiments. “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,” Wygas added.
Future Prospects
The infusion of funds and the focus on AI can be seen as a strategy to stay competitive in an increasingly technology-driven financial landscape. By expanding its AI integrations, AccountsIQ intends to make finance roles more dynamic, reducing repetitive tasks and increasing the strategic input of finance teams.
AccountsIQ has garnered recognition within the industry, notably winning ‘Outstanding Contribution to the Accountancy Profession’ at the Accountancy Awards and ‘Franchise Supplier of the Year’ at the Irish Franchise Awards. This acknowledgment highlights the platform’s significant impact and growth in the financial technology space.
About AccountsIQ
Headquartered in Dublin, with an additional office in London, AccountsIQ provides cloud-based accounting software tailored for medium-sized companies and non-profits. Their offering includes automated processes that enhance productivity, group accounting features, and advanced business intelligence tools.
AccountsIQ is intended for businesses transitioning from platforms such as Xero, QuickBooks, or Sage, or those moving away from non-cloud legacy systems without incurring the high costs and complexities associated with enterprise resource planning (ERP) systems. Currently, the company supports over 1,000 customers and more than 20,000 users globally.
As the financial technology sector continues to evolve, AccountsIQ’s strategic investment in AI stands as a testament to their commitment to innovation and efficiency, positioning them as a key player in shaping the future of finance.
