Autobooks Announces $50M Series C Led by Macquarie Capital

Autobooks, an emerging payment and accounting platform secures long-term capital provider to accelerate distribution into 1/3 of U.S. banking market.

DETROIT, June 21, 2022 /PRNewswire/-- Autobooks, the payment and accounting platform used by more than 800 financial institutions, announced today it has raised $50 million in a Series C round led by Macquarie Capital Principal Finance. The round also includes participation from new and existing investors including: Baird Capital, Commerce Ventures, Draper Triangle, MissionOG, and TD Bank (NYSE: TD). Larry Handen, Senior Managing Director at Macquarie Capital will join Autobooks board.

“Our investment in Autobooks is a chance to help small businesses across the U.S. by backing an exceptional team building an extraordinary product,” said Larry Handen.

Autobooks has become the leading embedded receivables platform for small business, enabling digital invoices, payment acceptance and automated accounting directly within internet and mobile banking. The company has built turn-key integrations with the industry's leading digital banking providers to deliver essential back-office services to over one third of the U.S. market, with zero-code deployments. Companies such as Alkami [NASDAQ: ALKT], Bottomline, CSI [OTCMKTS: CSVI], FIS [NYSE: FIS], Jack Henry [NASDAQ: JKHY], NCR [NYSE: NCR] & Q2 [NYSE: QTWO] have each embedded Autobooks into their respective platform(s), making invoicing & payment acceptance as ubiquitous as bill pay and remote deposit capture.

 “Businesses are increasingly looking for simple, bundled solutions to get paid and automate their back-office. If the bank can’t offer these services quickly, businesses will (and have) gone elsewhere,” said Steve Robert, Co-founder and CEO of Autobooks. “To maintain primacy, banks must optimize legacy merchant service programs to include digital payment acceptance tools that feature self-service onboarding. Autobooks makes this possible through our payment facilitation (payfac) model, which can be enabled within days by industry leading partners.”

 Autobooks has experienced explosive growth over the past year, with a capital efficient acquisition strategy. Bank deployments grew 800% to 840 installs. The increase in deployments enabled a 700% increase in small business customer adoption, totaling more than 60,000 businesses on the platform. The company now averages more than 10,000 monthly enrollments and has surpassed $40 billion in transaction volume - helping customers reconcile their bank account(s) to its proprietary GL suite, to better manage cash flow and unlock working capital.
Cash flow is oxygen for a small business. Autobooks helps a business send electronic invoices and provide customized payment links/landing pages using a biller direct model to enable customers to pay online. In fact, 95% of invoices created with Autobooks are paid within 5 business days, dramatically reducing days sales outstanding. Incoming funds are deposited directly into their bank account for immediate use.

 Autobooks helps banks too. In a cohort assessment of over 700 businesses using TD Online Accounting (powered by Autobooks) – customers average deposits increased 65%, while product usage increased 2X. TD Bank employed a Product Led Growth strategy, by bundling invoicing into their Simple Business checking product as a standard feature. This enabled the bank to leverage a digital, self-service enrollment for small/micro-businesses to stay ahead of the competition. Learn more about TD’s re-invention of Small Business Checking here:


About Autobooks:
Detroit-based Autobooks is a provider of small business banking solutions that make it easier to get paid, manage cash flow, and automate accounting.

Through Autobooks, financial institutions can provide essential back-office tools to better serve small and micro-businesses, directly within their existing digital banking channels.

To learn more, ask your technology provider about Autobooks or visit

 About Macquarie Capital:

Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital has deep sector expertise in the aerospace, energy, defense and government services, consumer, gaming and leisure, financial institutions, healthcare, industrials, infrastructure, resources, software and services, technology, telecommunications and media sectors. Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie’s balance sheet, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe, and Australasia.