AccountsIQ secures Series C investment of EURO €60 million

AccountsIQ, a cloud-based accounting platform, has announced securing a Series C investment of EURO €60 million from Axiom Equity, a specialist B2B SaaS growth equity fund. The investment aims to develop new AI-powered products and provide additional resources to expand the company’s team to over 200 people, enhancing its AI capabilities and delivering more value to its customer base.

The company offers a financial management system (FMS) designed to address complex problems such as multi-currency consolidation, multi-level approvals, third-party integrations, and automation of daily processes. The system allows finance teams to collaborate digitally with stakeholders by providing the right information to the right user at the right time, enhancing the financial IQ of organisations and enabling better decision-making.

Tony Connolly, Founder and CEO of AccountsIQ, commented on the milestone, 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, to allow us leverage AI tools into practical, easy to adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting."

Martin Wygas, Founding Partner of Axiom Equity, added, "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. Recognising 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."

The investment will enable AccountsIQ to move forward with its international growth plans. It will focus on enhancing its AI capabilities throughout various aspects of its solution. This includes automating daily financial processes and empowering finance teams to operate more efficiently and effectively.

Headquartered in Dublin with a secondary office in London, AccountsIQ supports over 1,000 customers and more than 20,000 users worldwide. The investment from Axiom Equity is expected to accelerate the company’s product development and enhance its market positioning.

AccountsIQ has recently been recognised for its contributions to the accountancy profession, winning the Outstanding Contribution to the Accountancy Profession award at the Accountancy Awards and the Franchise Supplier of the Year award at the Irish Franchise Awards.

This significant investment marks a pivotal moment for AccountsIQ, enabling the company to advance its AI capabilities and expand globally. By enhancing its financial management solutions and growing its team, AccountsIQ is well-positioned to continue delivering exceptional value to its customers.