Headquartered in Dublin and London, AccountsIQ, a cloud-based accounting platform, has secured €60 million in Series C investment. The round was led by a London-based specialist B2B SaaS growth equity fund – Axiom Equity.
Funds utilisation
The investment will be focused on continuing to develop the AccountsIQ product to shape the finance function of the future, particularly to take advantage of advancement in AI throughout all aspects of the solution.
It will enable the company to move to the next level of its development as a leading international financial management system (FMS), growing its resources to more than double its team to over 200 people over the next few years and enhancing its AI capability to deliver even more value to its diverse customer base.
Idea behind AccountsIQ
Tony Connolly, a qualified Chartered Accountant and IT post-graduate realised the potential of Cloud computing and its business benefits. He founded AccountsIQ to create Cloud Financial Management Software (FMS) to help company directors transform how they run and grow their businesses.
The company soon picked up pace and traditional software vendors raced to adapt their on-premise applications to accommodate their Cloud ambitions.
As per the company, AccountsIQ has grown from a start-up to a leading accountancy SaaS provider that employs over 80 people and supports 4,000 businesses worldwide. It supports over 1,000 customers and 20,000+ users worldwide.
What does it do?
The company provides a FMS SaaS product designed to transform the finance function, solving complex problems like multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes. It empowers finance teams to collaborate digitally with stakeholders in their businesses by giving the right information to the right user at the right time, enhancing the financial IQ of the organisation so it can make better decisions.
It is an easy-to-implement finance solution for businesses that have either outgrown the capabilities of Xero, QuickBooks, or Sage or have a non-cloud legacy system such as Access, Pegasus, Exchequer, or Sun, but in upgrading don’t want the cost and complexity of an ERP system.
Tony Connolly, Founder and CEO of AccountsIQ, commented, “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. 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.”
Martin Wygas, Founding Partner of Axiom Equity, added, “We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning. 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.”
What do we think about AccountsIQ?
Its versatile FMS SaaS product addresses complex finance needs and empowers businesses to transition from traditional software to more advanced, cost-effective solutions. With the recent funding, it aims to roll-out this product to help more businesses across the world.
