Sensibill, a Toronto-based AI-powered digital receipt startup targeting freelancers and small business owners, has raised US$31.5 million in a Series B funding round joined by National Bank of Canada.
The round, led by AI-focused venture fund Radical Ventures, and joined by Information Venture Partners and First Ascent Ventures, brings Sensibill’s total financing to $46.5 million.
Founded in 2013, Sensibill works with banks such as TD and Scotiabank to incorporate its digital receipt technology into their apps, enabling personal and business customers to manage line item receipts from their phones.
The platform uses machine learning to structure receipt data and give both banks and their customers rich insights such as product information, return policy tracking and auto-categorisation.
Since its 2017 Series A round, the firm has doubled its headcount, opened a London office and has now won more than 30 bank deals in Canada, the US and UK, many with Tier 1 players such as RBS.
Corey Gross, CEO, Sensibill, says: “What we’re trying to do at Sensibill is bridge the gap between what banks are good at today, and where they need to be in five or ten years to protect their relationships from disruption. Tools beyond core banking, an incredible customer experience, and meaningful customer insights for banks–that’s what we bring to the table.”