AccountsIQ, a leading cloud-based accounting platform, has announced a significant milestone in its growth journey, securing €60 million in Series C investment.
The funding round was led by Axiom Equity, a London-based specialist B2B SaaS growth equity fund, and marks a pivotal step in the company’s mission to revolutionize financial management through advanced AI capabilities.
The investment will be channelled towards enhancing the AccountsIQ product, with a strong focus on leveraging AI advancements across all aspects of the solution.
This strategic move aims to position AccountsIQ at the forefront of international financial management systems (FMS), enabling it to double its team to over 200 employees in the coming years.
The bolstered resources will enhance AI capabilities, delivering greater value to an already diverse customer base.
AccountsIQ offers a FMS SaaS product designed to modernize the finance function by addressing complex issues such as multi-currency consolidation, multi-level approvals, third-party integrations, and the automation of daily processes.
The platform empowers finance teams to collaborate digitally with stakeholders, ensuring that the right information is available to the right user at the right time.
This capability enhances the financial intelligence of organizations, enabling better decision-making.
The Vision Behind AccountsIQ
Founded by Tony Connolly, a Chartered Accountant with a background in IT, AccountsIQ emerged from a keen understanding of the transformative potential of cloud computing for business.
Connolly’s vision was to create a Cloud Financial Management Software (FMS) that would enable company directors to run and grow their businesses more effectively.
Since its inception, AccountsIQ has swiftly gained traction, compelling traditional software vendors to adapt their on-premise applications for the cloud.
Rapid Growth and Expansion
AccountsIQ’s journey from a start-up to a leading accountancy SaaS provider is marked by impressive milestones.
The company now employs over 80 people and supports 4,000 businesses worldwide, with a customer base exceeding 1,000 and more than 20,000 users.
This rapid growth underscores the effectiveness and demand for its innovative financial management solutions.
Positioned for Transformation
AccountsIQ’s solution is particularly appealing to businesses that have outgrown the capabilities of Xero, QuickBooks, or Sage, or those looking to upgrade from non-cloud legacy systems like Access, Pegasus, Exchequer, or Sun without incurring the cost and complexity of an ERP system.
Founder and CEO Tony Connolly expressed his excitement about the new investment, stating, “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, allowing us to leverage AI tools into practical, easy-to-adopt services for our user base, making finance team roles more flexible, valuable, less repetitive, and more interesting.”
A Vote of Confidence from Axiom Equity
Martin Wygas, Founding Partner of Axiom Equity, echoed this optimism, “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.
Recognizing 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.”
AccountsIQ’s versatile FMS SaaS product effectively addresses complex finance needs, enabling businesses to transition from traditional software to more advanced, cost-effective solutions.
With the recent funding, the company is well-positioned to roll out its innovative product to an even broader audience globally, helping more businesses modernize their financial management practices.
This investment not only signifies a major boost for AccountsIQ but also highlights the growing importance of AI-driven solutions in transforming the finance function for businesses worldwide.
As AccountsIQ continues to develop and expand, it is set to play a crucial role in shaping the future of financial management.
