AccountsIQ raises €5.8m to grow its cloud platform

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The financial management software company has secured investment from venture capital firm Finch Capital.

Dublin company AccountsIQ has raised €5.8m with an investment from UK and Netherlands-based venture capital firm Finch Capital.

The funding will be used to grow the company’s cloud-based accounting platform, which is currently used by 4,000 businesses across 85 countries.

AccountsIQ was established in 2008 by a founding team of chartered accountants with experience in implementing finance systems. It aims to address problems faced by businesses operating across multiple different locations, currencies and jurisdictions.

Medium-sized businesses growing through franchising or multinational subsidiaries can use AccountIQ’s cloud-based financial management software to automate the capture, process and reporting of their financial performance across all business units.

The system uses artificial intelligence and an open API strategy to automatically synchronise bank accounts, generate electronic payments, auto-post electronic invoices and integrate front-end systems with easy approval workflow and expense capture via smartphone.

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Tony Connolly, AccountsIQ CEO and founder, said the combination of Brexit and Covid-19 has led businesses to reconsider their regional presence.

“Previously, businesses looking to expand or franchise internationally would have to implement complex and expensive systems to manage these operations. Now they can do it all with a cloud-based, scalable and affordable [financial management software] solution,” he said.

“We built AccountsIQ as a cloud solution to make it easy for individual entities to manage local finances while providing instant group-wide control and analysis of results.”

The fresh backing comes from Finch Capital, which earlier this month launched a new €150m fund for European start-ups in AI and fintech that are shaping the future of finance.

Aman Ghei, partner at Finch Capital, said: “In today’s dispersed world, AccountsIQ’s focus on serving businesses growing locally and internationally has never been more relevant. As investors in companies that are shaping the future of finance, we are excited to back this established executive team and award-winning product.”