Sensibill Inc. has raised $17.3 million in Series A led by Information Venture Partners (IVP) and OpenText Enterprise Apps Fund (OTEAF). Operative Capital, Mistral Venture Partners, and existing investor Impression Ventures have also participated in the round.
David Unsworth, co-founder and General Partner of IVP, and Tony van Marken, General Partner at OTEAF, ill be joining Sensibill’s board of directors.
Sensibill offers a suite of value-added services for mobile banking apps centered around the everyday receipt and enabled by machine learning. Last year Sensibill launched its core product, a smart receipt management service, with Scotiabank and TD Canada Trust’s mobile wallet app UGO Wallet.
New funds will be used to continue developing a robust system that can structure data from any merchant receipt and return rich insights to consumers and businesses alike.
“We are pleased to be leading this round of investment,” said Unsworth. “As experienced financial technology investors, we have long believed in the inevitable ubiquity of mobile banking as a core digital channel for all financial institutions. We believe Sensibill is well-positioned to bring its digital receipt capabilities into every mobile banking application and are thrilled to be their partner as they continue to scale and develop a world-class financial technology company.”
“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 & 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.”
“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 Operative Capital and former founder & 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.”
“Our investment reflects our belief in the tremendous market potential for their technology and management’s ability to execute on their vision. In a short space of time Sensibill has closed deals with some of the world’s leading financial institutions in a highly competitive environment. We are very excited about their growth prospects and look forward to working with Corey and his outstanding team,” said van Marken.
photo credit: BNN, Sensibill