Receipt Bank acquires Bristol startup Xavier to power accountants with “better advice from better data”
SETsquared Bristol members and data quality startup, Xavier Analytics, has been acquired by digital accounting platform Receipt Bank, boosting the range of advisory tools offered to accountants and bookkeepers.
Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers.
Since launching at the end of 2018, the award-winning startup has grown rapidly as a member of SETsquared Bristol, the University-led business incubator.
The move, which follows Receipt Bank’s successful $73m January Series C raise, is part of the company’s strategy to provide products that power accountants to deliver advice to make business more successful.
Receipt Bank CEO Adrian Blair commented: “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank will give accountants the tools to help businesses make better financial decisions using the most accurate data at every step.”
Rich Nicolson, Xavier CEO, added: “Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”
Xavier, the UK’s leading data quality tool for accountants, now becomes part of Receipt Bank’s product portfolio. The acquisition consolidates two of the most highly rated services in the Xero ecosystem.
Receipt Bank plans to expand the joint offer internationally in 2020, with Xavier springboarding into Australia this Autumn, following the launch of the company’s business insights tool ‘Resilience’.
Receipt Bank saves and sorts data in one place, powering accountants with the tools to help businesses financially plan for the future. Xavier avoids costly data errors, giving accountants assurance and value for small businesses that their finances are in good hands.
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