Market Overview

Detroit Startup Autobooks Announces $10M Funding Round

Share:
Detroit Startup Autobooks Announces $10M Funding Round

AutoBooks, a Detroit-based startup, announced Wednesday a $10 million Series A1 round of financing intended to widen the company’s payroll.

The firm has already responded to business expansion with the addition of a dozen employees in 2017 and relocation to Detroit's Madison Building, but it's outgrowing capacity and plans to “ramp up aggressively” to accommodate growth.

"It's not uncommon for Autobooks to obtain 3-5 percent adoption in its first 90 days – significantly outpacing prior bank product adoption curves such as business bill pay, mobile banking or RDC," Autobooks CEO Steve Robert said in a press release.

Since closing a $5.5 million Series A in March 2017, Autobooks has secured contracts with a new bank or credit union every month and expects 25 deployments in 2018.

"The velocity of implementations is growing quickly, and with national distribution and reseller partnerships coming online - we could easily double our headcount in the next 12-18 months, pushing us to [about] 50 people in 2019," Robert told Benzinga. He confirmed expectations of expanding Detroit real estate.

The firm’s integrated receivables and cash-management products support financial institutions’ small-business services. Its internet banking suite particularly enables electronic invoicing, payments and accounting with real-time, automatic bookkeeping.

Management intends to expand services beyond invoicing to support payroll, credit and lending.

“Autobooks is a game-changer for community banks.” Adom Greenland, COO of Choice One Bank in Sparta, Mich., said in a press release. “They help level the playing field, providing business products typically only available at MEGA banks. Now, with Autobooks, we can provide a comprehensive treasury and cash-management suite to even the smallest micro-business, delivering services cost-effectively while better serving customers as their needs grow over time.”

Autobooks was recently recognized by Michigan Gov. Rick Snyder as a beacon of Detroit’s growth and model of its startup community.

Related Links:

Warming The World: Michigan Startup Warmilu Proves Doing Good Isn't Just For Nonprofits

Detroit Apparel Startup Ash & Erie Lands $150,000 From Mark Cuban On 'Shark Tank'

Posted-In: Autobooks. Steve Robert DetroitNews Financing Startups Best of Benzinga

 

Related Articles

View Comments and Join the Discussion!

Steve Wynn Steps Down As Chairman And CEO, Says 'Judgment Takes Precedence Over Everything Else, Including The Facts'

Correction Territory: Putting It Into Perspective