AccountsIQ, a prominent cloud-based accounting platform, has recently announced the successful procurement of €60m (US$64.3m) in Series C funding from Axiom Equity, a specialist B2B SaaS growth equity fund. This substantial investment aims to embed AI into the platform, shaping the future of the finance function, while also propelling product advancement and international expansion.
The software-as-a-service (SaaS) financial management system (FMS) by AccountsIQ is dedicated to revolutionising the finance function, addressing complexities such as multi-currency consolidation, multi-level approvals, third-party integrations, and the automation of daily processes. By incorporating AI into its system, AccountsIQ seeks to elevate all aspects of its finance function, in order to provide an enhanced user experience for its clients.
This significant milestone for AccountsIQ signifies its ability to further empower the finance teams of its clients, fostering digital collaboration with their business stakeholders by delivering timely and relevant information. This enhancement ultimately aims to elevate the financial IQ of the organisation to facilitate better decision-making.
In line with its quest to become a leading international FMS, the new funding will also facilitate the expansion of resources and a planned doubling of its team to over 200 employees in the coming years. Moreover, it will reinforce the development of new AI capabilities to deliver increased value to its diverse customer base.
Tony Connolly, Founder and CEO of AccountsIQ, expressed his enthusiasm about the investment, stating: “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.”
Furthermore, Martin Wygas, Founding Partner of Axiom Equity, shared the sentiment, highlighting their immediate impression of the AccountsIQ team and product, and their excitement to partner with AccountsIQ to scale AIQ to the next level.
Contrary to the apprehensions of some senior finance professionals, the integration of AI capabilities into the AccountsIQ FMS platform is poised to enhance the capabilities of finance teams, rather than replace them. This update is set to transform the landscape of modern finance management systems, spreading the workload throughout finance teams.
In conclusion, the latest achievement by AccountsIQ serves as a testament to its commitment to driving innovation in the financial management space. With the infusion of AI and the firm resolve to enhance the financial IQ of organisations, AccountsIQ is poised to revolutionise the finance function and deliver unparalleled value to its global clientele.