AccountsIQ secures €60M funding for AI initiative

Cloud-based accounting platform to embed AI into its financial management solution

AccountsIQ secures €60M funding for AI initiative

SaaS provider, AccountsIQ, has secured a €60M Series C investment from Axiom Equity – a specialist B2B SaaS growth equity fund. Purpose of the investment will be to spearhead continued product development and drive the company’s international growth and shape the finance function of the future.

With more than 1000 customers and 20,000 users worldwide, the Dublin-based company provides a financial management system (FMS) designed to transform the finance function, solving complex problems such as multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes. 

Its solution is aimed at businesses that have either outgrown the capabilities of Xero, QuickBooks or Sage, or have a non-cloud legacy system such as Access, Pegasus, Exchequer or Sun, but in upgrading, don’t want the cost and complexity of an ERP system 

According to AccountsIQ the Axiom Equity investment will enable the company to move to the next level of its development as a leading international FMS, growing its resources and more than doubling its team to over 200 people over the next few years as it enhances its AI capability.

Key will be giving finance teams the opportunity to collaborate digitally with stakeholders in their businesses by providing the right information to the right user at the right time, thereby enhancing the financial IQ of the organisation so it can make better decisions. 

Tony Connolly, Founder and CEO of AccountsIQ, said:” 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 to 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.” 

Martin Morris
Martin Morris

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