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The Dublin-based fintech secured the major investment from Axiom Equity and plans to use it to double its workforce.
AccountsIQ, a cloud accounting platform, has bagged €60m in Series C funding.
The Dublin-based company plans to use the funding to develop new AI-powered products and grow its team to more than 200 people over the next few years.
Established in 2008 by a founding team of chartered accountants, AccountsIQ provides cloud-based financial management software and services for medium-sized businesses and non-profits to automate daily processes and solve complex problems such as multi-currency consolidation, multi-level approvals and third-party integrations.
The company’s founder and CEO, Tony Connolly, said AccountsIQ is now ready for the next level. “This investment comes at a perfect inflection point for our offering, to allow us leverage AI tools into practical, easy-to-adopt services for our user base [and] to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”
The fresh investment came from Axiom Equity, a SaaS growth equity fund based in London. Martin Wygas, founding partner of Axiom Equity, said that he and his team were immediately impressed with AccountsIQ.
“The deep understanding of their customer base and forward-thinking vision deeply resonated with our team. Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”
In 2021, the finance SaaS company raised €5.8m in funding from UK and Netherlands-based venture capital firm Finch Capital to advance its cloud offering. It was later featured in the Deloitte Technology Fast 50 list and announced 30 new roles in December of the same year.
The company is headquartered in Dublin with a second office in London and supports more than 1,000 customers and more than 20,000 users worldwide.
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