Toronto-based Sensibill has raised a $17.3 million Series A in a round led by Information Venture Partners and OpenText Enterprise Apps Fund. San Francisco-based Operative Capital, Mistral Venture Partners, and existing investor Impression Ventures have also participated in the round.
“Banks are hungry for innovative customer-facing solutions that solve everyday pain points. The reason digital receipts are such a desirable offering is because it has mass customer appeal and enables personalization,” said Drew Sievers, founding partner of San Francisco-based Operative Capital and former founder and CEO of mFoundry. “Sensibill has delivered impressive results for some of the largest banks in the world, and is now well-positioned to be a global leader and an indispensable partner to financial institutions.”
Sensibill, which raised a $2 million seed round in 2015, allows users to manage their receipts through their mobile banking app. The company will use the funding to develop a system that can structure data from any merchant receipt, and return rich insights to consumers and businesses. The company says that financial institutions are eager to realize the potential of data gleaned from receipts. It also plans to expand sales in the US, the UK, and Australia.
“We knew that people wanted an intuitive and secure solution for managing their receipts, but we’ve also learned a great deal about how they want to make better use of their purchase information,” said Corey Gross, co-founder and CEO of Sensibill. “Think reminders for when warranties expire, being able to optimize household budgets, and highly targeted credit card rewards. That’s where machine learning comes into play, and we’re excited to add more fuel to our growing research and AI team right here in Toronto.”
In December 2016, Scotiabank was the first Tier 1 bank to roll out Sensibill’s solution for its customers.
This article was originally published on BetaKit.