TORONTO, ON--(Marketwired - March 02, 2017) - Sensibill has raised a sizeable $17.3 million Series A led by Information Venture Partners and OpenText Enterprise Apps Fund (OTEAF).
Sensibill offers a suite of value-added services for mobile banking apps centered around the everyday receipt and enabled by machine learning. Last year, the FinTech company, which is headquartered in Toronto, launched its core product, a smart receipt management service, with Scotiabank and TD Canada Trust's mobile wallet app UGO Wallet. The round led by Canadian VC firms is one of the largest A-rounds in Canada to date.
"We are pleased to be leading this round of investment," said David Unsworth, Co-Founder and General Partner at Information Venture Partners. "As experienced financial technology investors, we have long believed in the inevitable ubiquity of mobile banking as a core digital channel for all financial institutions. We believe Sensibill is well-positioned to bring its digital receipt capabilities into every mobile banking application and are thrilled to be their partner as they continue to scale and develop a world-class financial technology company."
Sensibill says the funds will enable the company to continue developing a robust system that can structure data from any merchant receipt and return rich insights to consumers and businesses alike. Currently, Sensibill is the market leader in extracting and structuring receipt data using deep learning techniques, but the startup claims that this is only the beginning compared to what they are layering on-top.
"We knew that people wanted an intuitive and secure solution for managing their receipts, but we've also learned a great deal about how they want to make better use of their purchase information," said Corey Gross, Co-Founder and CEO of Sensibill. "Think reminders for when warranties expire, being able to optimize household budgets, and highly targeted credit card rewards. That's where machine learning comes into play, and we're excited to add more fuel to our growing research and AI team right here in Toronto."
Globally, financial institutions are waking up to the potential of receipt data. The demand is growing for receipt solutions that are able to contextualize purchase information down to the payment and SKU-level. Having already announced partnerships with Tier 1 Canadian banks, Sensibill plans on allocating the new resources towards growth and delivery efforts in the United States, U.K, and Australia.
Sensibill has attracted investment from industry veterans -- a strategic move on the company's part. "We want to work with investors who really understand banktech, and have had industry-defining success building and scaling financial services companies," says Gross. Sensibill's B2B2C partnership model for bringing new technology to banks and their customers is a welcomed deviation from the "challenger" position FinTechs often take.
"Banks are hungry for innovative customer-facing solutions that solve everyday pain points. The reason digital receipts are such a desirable offering is because it has mass customer appeal and enables personalization," said Drew Sievers, founding partner of San Francisco-based Operative Capital and former founder and CEO of mobile banking pioneer, mFoundry. "Sensibill has delivered impressive results for some of the largest banks in the world, and is now well-positioned to be a global leader and an indispensable partner to financial institutions."
"Our investment reflects our belief in the tremendous market potential for their technology and management's ability to execute on their vision. In a short space of time Sensibill has closed deals with some of the world's leading financial institutions in a highly competitive environment. We are very excited about their growth prospects and look forward to working with Corey and his outstanding team," said Tony van Marken, General Partner at OTEAF.
Both Unsworth and van Marken will be joining Sensibill's board of directors.
San Francisco-based Operative Capital, Mistral Venture Partners, and existing investor Impression Ventures have also participated in the round.
Sensibill is a white-label Software as a Service platform that allows personal and business banking customers to manage line-item receipts directly from their desktop and mobile banking applications. Customers can capture and store paper and electronic receipts, which can then be accessed and used for returns, exchanges, expenses, taxes and accounting.
Sensibill leverages rich item-level purchase data to deliver personalization and contextualized services to banking customers. To find out more visit www.getsensibill.com.
About Information Venture Partners
Information Venture Partners (IVP) is a Toronto-based venture capital group investing out of its $106 million second fund. IVP is focused on fast-growing enterprise FinTech and enterprise software companies based in North America. As a Series A investor, IVP looks for rapidly growing companies with differentiated technology solutions addressing significant market opportunities. Portfolio companies include Adaptive Insights, Verafin, Igloo Software, eSentire, PostBeyond, Q4 and Sensibill. Follow IVP on the web at www.informationvp.com or on Twitter @informationvp.
About OpenText Enterprise Apps Fund
The OpenText Enterprise Apps Fund (OTEAF) was formed in 2015 and invests in Canadian technology companies that are building disruptive, enterprise applications that leverage the power of the internet, big data, predictive analytics, mobility and machine learning. OTEAF has offices in Toronto, Ontario and Montreal, Quebec. www.oteaf.vc