European Accounting Startup AccountsIQ Secures $65 Million to Power Up with AI

European accounting technology leader AccountsIQ defied the shaky economic climate by securing a significant $65 million investment. This funding will fuel the Dublin-based company's mission to build "the finance function of the future" – a cloud-based platform infused with AI to empower mid-sized businesses.

Founded by accountants seeking better tools for their own trade, AccountsIQ has bootstrapped its way to impressive growth for nearly two decades. With a focus on financial responsibility, the company has amassed over 1,000 customers managing 10,000 entities and 20,000 users, all while maintaining a steady 30% annual growth rate.

AccountsIQ offers a comprehensive suite of services including digital accounting (receivables/payables, banking, business intelligence), tax tools, reporting, and third-party integrations. Delivered via a user-friendly SaaS model, the platform starts at $250 per user per month.

Looking ahead, AccountsIQ plans to leverage Microsoft's AI tools alongside its own custom-built features. This will translate to next-generation services with enhanced robotic process automation and intelligent functionalities designed to streamline workflows for users.

"This investment is perfectly timed," said Tony Connolly, AccountsIQ's founder and CEO. "It allows us to integrate AI into practical, user-friendly services, ultimately making finance teams more strategic and less bogged down by repetitive tasks."

The funding amount itself is noteworthy. While overall startup investment has dipped, AccountsIQ's haul is nearly five times what they've ever raised before. This impressive achievement underscores the enduring value proposition of solutions that empower businesses to operate more efficiently.

Martin Wygas, founding partner at lead investor Axiom Equity, echoed this sentiment: "We're excited to partner with AccountsIQ and propel them to the next level."

While competitors like PennyLane target the small-to-medium business (SMB) market, AccountsIQ positions itself as the ideal platform for mid-sized businesses seeking to scale up.

"We offer a smooth transition for growing businesses," explained COO Darren Cran. "As companies evolve and require more robust financial management, they recognize the need to switch to a new system, and that's where AccountsIQ comes in."

With established players like Sage Intacct, Netsuite, and Acumatica in the mix, AccountsIQ is poised to make a significant mark in the evolving landscape of AI-powered accounting solutions.