Toronto-based fintech, Sensibill, announced that it has secured $31.5 million USD in Series B funding. The firm, which provides receipt management for mobile banking apps, has raised a total of $46.5 million USD.
This round is being led by AI-focused venture fund Radical Ventures, with participation from the National Bank of Canada, and others. Previous Series A leads, Information Venture Partners and First Ascent Ventures are also committing more funds to this round.
“We at Radical Ventures are proud to lead this investment in Sensibill. This is a classic story of an under-the-radar company from Toronto with fantastic data-driven, customer-facing AI solutions being used by a who’s who of global Tier 1 banks. We are very excited to help support Sensibill’s rapid growth as it transitions from successful startup into a global powerhouse,” says Jordan Jacobs, Co-Founder & Managing Partner at Radical Ventures. Jacobs, who sold his artificial intelligence startup, Layer 6, to Toronto-Dominion Bank in early 2018 and worked for the bank for a year, is no stranger to the challenges of partnering with Tier 1 banks.
Since their previous funding round, Sensibill’s employee count has more than doubled, they’ve opened an office in the U.K., and secured over 30 major bank partnerships in their target markets of the U.S., the U.K., and Canada. Among these notable brands is the Bank of Nova Scotia, Royal Bank of Scotland Group, and FIS.
“We’re helping champion the future of work. That means supporting small business owners, freelancers, and entrepreneurs–-they’re the fastest growing segment and the most underserved by banks,” stresses Corey Gross, Co-Founder & CEO. On the firm’s product vision, Gross says that the goal is to offer contextual advice and improve end users’ financial health through AI-assisted decisioning.
The company has been on a mission to unlock the value of purchase data for both end users and their banking providers and will use the capital to deepen its AI expertise. “The team at Radical can actually walk the walk when it comes to experience in applying artificial intelligence to business problems. Through this collaboration, we can become indispensable partners to banks,” says Gross.
Though the names of all of their bank partners can’t be disclosed, Gross indicates that many are Tier 1 banks, and that the company will soon be live with hundreds of banks.
“We believe everybody should have access to services that make them financially healthy, and that their money should be protected by the organizations who provide those services. Banks are best suited to deliver on that latter promise––they have a legacy of security and trust behind them. 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,” says Gross.