UPDATED 12:05 EDT / JUNE 13 2024


Dublin-based AccountsIQ bags $65M to bring more AI-powered products to accountants

Dublin-based cloud accounting platform AccountsIQ announced today it has secured €60 million ($65 million) in Series C funding led by Axiom Equity to fuel the expansion of artificial intelligence-powered products so its customers can take advantage of the growing suite of tools.

Launched in 2008, AccountsIQ provides a cloud-based financial management software designed to help the directors of small, medium-sized and nonprofit businesses automate daily operations. It includes tools that help simplify complex accounting situations, provide collaboration solutions for teams, monitoring, reporting and third-party integrations.

The company’s solution is designed for businesses that have outgrown the capabilities of management systems such as Quickbooks or Sage, or those that have non-cloud management setups such as Access or Pegasus but don’t have the time or money to upgrade to a full-blown enterprise resource planning software system. Under the hood, AccountsIQ’s solution does most of the heavy lifting and hard work by providing automation and collaboration tools through software-as-a-service so that employees can get down to business.

The company has headquarters in Dublin and London. It claims more than 1,000 customers and over 20,000 users worldwide who use its systems to automate their financial processes.

“Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level,” said Tony Connolly, founder and chief executive of AccountsIQ. “This investment comes at a perfect inflection point for our offering, to allow us to leverage AI tools into practical, easy-to-adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”

Until 2021, the finance cloud company only raised €5.8 million ($6.2 million) in funding from U.K. and Netherlands-based venture capital firm Finch Capital, bringing its total raised by outside funding to €12.7 million ($13.6 million). That makes this funding round stand out at more than 10 times the previous round.

With the new funding, AccountsIQ said that it will more than double its current team to more than 200 employees during the next few years. The company also said it intends to fund research into further AI capabilities to deliver better tools for its customer base.

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