Receipt Bank acquires Bristol startup Xavier to power accountants with “better advice from better data”

Posted by 

SETsquared Bristol

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. 

 

For more information on SETsquared Bristol news, opportunities and events, sign up to receive the monthly newsletter.

Recent News, Blogs and Stories

Tech-Xpo 2022 Best Elevator Pitch winner - Joyann Boyce, Inclued

Inclued wins Best Elevator Pitch award at Tech-Xpo 2022 

Our member, Bristol-based startup Inclued whose software helps identify bias, pitched against eight other innovative technology startups to win ‘Best Elevator Pitch’ at Tech-Xpo on Wednesday 29 June.  Now in...
Resized for website thumbnail

Innovative tech companies announced for Tech-Xpo 2022

Sixteen of our member companies will exhibit and demo their innovative products at our flagship Tech-Xpo 2022 showcase on 29 June. The companies shortlisted to compete for Best Elevator Pitch award are:...
Zentraxa scientist in lab

Biomaterials startup Zentraxa announce seed investment

Our member company and University of Bristol spin-out, Zentraxa, has raised capital investment from Future Planet Capital, BPEC and Science Angel Syndicate to develop their innovative Zentide platform for engineering...

SUCCESS IS THE GOAL

Fast track your technology business