Receipt Bank made the acquisition with a slice of its USD 73 million Series C raise it completed in January 2020 from investors including Augmentum Fintech, but it’s not known how much the fintech dished out for Xavier. The sale comes as Receipt Bank has moved to widen its accounting software offering to its 400.000 user base, as well as expanding overseas.
According to AltFi, Xavier provides an automated check of financial data and produces a financial health score for SMEs, helping businesses to reduce accounting errors and keep costs low.
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