Banking Fintech Investment Services News

Autobooks Celebrates Record Year of Growth, Increased Distribution

Autobooks Becomes First Fintech to Launch in Q2 Partner Marketplace

Autobooks, the small business payment and accounting services platform, accelerated momentum throughout 2020, signing a total of 46 new bank agreements, while also announcing deployments with TCF Bank and TD Online Accounting.

Read More: Reef Finance Becomes the Marquee Project in Pioneering Decentralized Finance with Binance, the World’s Largest Cryptocurrency Exchange

The company closed 7 bank contracts in December and another 4 in the first two weeks of January bringing its customer portfolio to 86 financial institutions, compared to 36 at the end of 2019. The Detroit-based fintech works directly with banks and credit unions to provide integrated receivables to small and micro-businesses; a segment which has been historically underserved.

Autobooks has been successfully deployed with financial institutions across the United States representing a diverse range of asset sizes, from $50 million to over $350 billion. “To be successful in the SMB market, you must be ruthlessly efficient,” says Jeff Blackman, CFO at Autobooks.  “Our payfac model embeds self-service merchant onboarding within internet banking, to provide a capital efficient way for financial institutions to acquire and engage business customers, both profitably and at scale.”

Read More:  GlobalFintechSeries Interview with John Dangoia, VP and Head of Product Management at Infosys Finacle

Enabling small businesses (SMBs) to send digital invoices and accept online payments became especially important in 2020 as businesses coped with the ramifications of COVID-19, shifting en masse from accepting payments in-person to online. In an effort to help, Autobooks made its support team available 24/7 at the onset of the pandemic to help ensure business owners could successfully begin accepting online payments from their customers.

As a result, Autobooks has experienced record growth:

  • SMB user adoption grew 227% year over year
  • Total payment volume (TPV) grew 279% year over year
  • Total addressable market (TAM) grew 10X

“We deployed the Autobooks Invoicing and Account Management tool within our bank in a matter of weeks,” said Melissa Eggleston, Chief Deposit Officer, EVP at nbkc. “On day one of launch, literally within minutes (22 to be exact), we saw one of our business customers sign up for Autobooks, send out an invoice, AND receive their first payment. This is indeed a game-changer!”

Read More:  How the Trends of Today Affect Financial Institutions Tomorrow

Related posts

Deluxe Completes Acquisition of First American Payment Systems

Fintech News Desk

YieldTopia The Futuristic DeFi Protocol Reveals Its Sustainable Yield Mechanism Backed by Its Utility-Driven Ecosystem

Fintech News Desk

The American Economy Runs on ACH, Says Mercator Advisory Group White Paper

Fintech News Desk
1