Solid growth and recognition for Detroit-based fintech advances mission of making small business banking better.
Autobooks, the Detroit-based small business payment and accounting services platform used by more than 1,000 financial institutions, announced today that it has been named to Inc. magazine’s Inc. 5000 list for 2022 — landing at No. 258 overall, and #2 in Michigan. The Inc. 5000 list is a prestigious ranking of the nation’s fastest-growing private companies.
The recognition comes at a moment of significant growth for the company, realizing 2,087% YoY increase, raising $50 million in a recent Series C funding, while also doubling employee headcount to 140. Despite challenging market conditions for fintech, the company has a path to profitability and will continue to invest in growth, looking to fill more than twenty positions in engineering, sales, and marketing.
“Being recognized on the Inc. 5000 is a true testament to the extremely talented team we have assembled,” said Steve Robert, Co-Founder and CEO at Autobooks.
“Our team is incredibly passionate about serving small businesses and creating a durable business model that can win in times of change, while achieving spectacular growth.”
In addition to this honor, the company also announced that it has moved their headquarters to a new location at 1505 Woodward in downtown Detroit. The 8-story mid-rise was originally designed by the famous architecture firm Albert Kahn Associates, and built in 1931 for the Richman Bros. Co.’s menswear store. The new building elicits fond memories and a sense of pride for the company founders, as well as many of its employees who grew up in the Greater Detroit area.
“Further establishing our roots in the city of Detroit and making the investment in our home away from home has been something our management team has been committed to doing for many years,” said Robert. “The timing was finally right, and we could not be more excited to provide an innovative and collaborative environment to support both business growth, as well as the personal and professional development of our world-class team.”
As luck would have it — the company that installed the signage at its new headquarters happen to also be a client of Autobooks. Detroit’s Metro Signs & Lighting utilizes Autobooks from their bank, to run its business. Mary Ann Deters, VP of Metro Signs shared, “Autobooks has allowed us to increase efficiency, sharing payment links with our customers, managing estimates, collecting deposits and processing invoices. We get immediate payments, settled directly into our bank account — which is what we want. This in turn has helped us increase our cash flow and reduce the length of our accounts receivable.”
To commemorate the recent growth and accompanying move, the company and the City of Detroit will host its employee workforce — many of whom are distributed around the country — to attend a grand-opening celebration, coined the “Autobooks Homecoming.” The three-day event, spanning September 14-16, will include several company-wide team-building activities, allowing its many out-of-state employees to meet for the first time in person, while enjoying well-known local destinations and learning about Detroit’s rich history and the company’s unique midwestern, blue-collar culture.
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 financial services provider about Autobooks or visit www.autobooks.co/banking.