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AccountsIQ, the top cloud accounting software vendor, closed €60 million in series C funding—the inflection point to replace traditional paper-based accounting and blanket AI throughout the business. Such an investment from Axiom Equity, a specialist B2B SaaS Growth Equity fund, of €60 million should take AccountsIQ to new heights of innovation and growth.
That investment is a testament to the fact that faith put in AccountsIQ's vision of reshaping finance functions of the future. With over 1,000 customers using its FMS, AccountsIQ unmistakably stands ready to take its product and service offerings to the next level. AI on the platform ought to solve intricate problems such as multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes.
For founder and chief executive officer of AccountsIQ, Tony Connolly, the investment could not have come at a better time for the company to drive AI tools into real-world applications of practical value which their user base can easily adopt. The aim is flexibility, and value in finance teams' roles that are less repetitive and indeed more interesting. This is not only concerned with increasing the efficiency of the platform; it is also enthusing the user experience to the fullest, by providing the right information at the right time, thus enabling the financial IQ of organizations.
It was Martin Wygas, Founding Partner of Axiom Equity, who saw the potential for more acceleration of AccountsIQ's product development with additional capital and expertise injected into it. Both aim to scale AccountsIQ to new heights with a shared vision for what finance will look like in the near future.
The money will also be utilized to increase the resource pool of AccountsIQ from the current team to more than 200 people in the coming years. This increased number will be important for the group in developing more in its new AI capabilities and further developing value in its ever-growing customer base.
The strategic move by AccountsIQ comes at a time when the finance industry is rapidly changing. In this regard, any business aimed at making efficiency, accuracy, and proper decisions has to be aligned with the important role of AI in financial operations. In that respect, the platform of AccountsIQ is designed to empower finance teams to collaborate with their stakeholders digitally and provide a seamless and intelligent experience in financial management.
The investment also underlines the increasing trend of AI adoption in the SaaS sector. With all businesses looking to remain competitive in the digital age, demand for AI-powered solutions continues to soar. That places AccountsIQ at the forefront of cloud accounting, embedding AI into its platform to meet the changing needs of modern finance teams.
AccountsIQ's €60 million Series C funding marks a real step change—proof, if one were needed, of its innovation and growth agenda. At the center of its cloud-based accounting platform, AccountsIQ is putting AI as a method not only of future-proofing its product offering but also of setting a new benchmark of how the finance function of the future will look.
