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§ Private Profile · Detroit, MI, USA
Financial technology company integrating payment processing, invoicing, and accounting for small businesses in digital banking platforms.
Detroit, Michigan-based Autobooks is a financial technology company that integrates payment processing, invoicing, and accounting software directly into the digital banking platforms of banks and credit unions. Operating on a business-to-business software-as-a-service model, the platform enables small business owners to manage their daily finances and accept customer payments without relying on external third-party applications. The enterprise generates its revenue through institutional licensing fees and transaction percentages, successfully scaling its operational reach to serve over 1,000 financial institution partners across the United States. To support this ongoing national expansion, the company has raised nearly $100 million in total venture funding, including a $50 million Series C round backed by prominent investors such as Baird Capital, Crosslink Capital, Detroit Venture Partners, and Fifth Third Bank. Autobooks was founded in 2015 by Steve Robert and Aaron Coleman.
Autobooks has raised $136.0M across 6 funding rounds.
Autobooks has raised $136.0M in total across 6 funding rounds.
Autobooks has raised $136.0M in total across 6 funding rounds.
Autobooks's investors include Jeff Goldrich, Baird Capital, General Catalyst, Rob Metzger, Detroit Venture Partners, Draper Triangle Ventures, Renaissance Venture Capital Fund, Christopher Giamo, CU Solutions Group, Invest Michigan.
Autobooks has raised $136.0M across 6 funding rounds. Most recently, it raised $40.0M Other Equity in May 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 8, 2025 | $40M Venture Round | Jeff Goldrich | — | Announced |
| Jun 1, 2022 | $50M Series C | — | Baird Capital, General Catalyst | Announced |
| Mar 11, 2021 | $25M Series B | ROB Metzger | Detroit Venture Partners, Draper Triangle Ventures, Renaissance Venture Capital Fund, Christopher Giamo | Announced |
| Jul 1, 2020 | $5M Series A | — | Baird Capital, General Catalyst | Announced |
| Feb 1, 2018 | $10M Series A | — | Baird Capital, General Catalyst, CU Solutions Group, Detroit Venture Partners, Draper Triangle Ventures, Invest Michigan | Announced |
| Mar 1, 2017 | $6M Series A | Draper Triangle Ventures | Baird Capital, General Catalyst, CU Solutions Group, Detroit Venture Partners, Invest Michigan | Announced |
Autobooks is a fintech company providing embedded banking technology to financial institutions, enabling small businesses to handle invoicing, payments, accounting, and cash flow management directly within online and mobile banking platforms.[2][4][5] It serves U.S. banks and credit unions by equipping them to attract and retain small and medium-sized businesses (SMBs, typically under $20M in annual sales), offering tools like automated invoicing, contactless payments (including Tap to Pay on iPhone), profit/loss reporting, balance sheets, and direct deposits to checking accounts—all integrated seamlessly without third-party processors.[1][3][4][6] This solves key pain points for SMBs, such as high fees, payment delays, fragmented workflows, and lack of support from non-bank providers, while helping banks monetize relationships through non-interest income like interchange fees.[2][5][6][8] Growth momentum is evident in its adoption by thousands of small businesses, partnerships with innovative institutions, Microsoft Azure certification, and recognitions like 2024 Best Places to Work.[2][5][7]
Autobooks emerged from a team with over 20 years of experience delivering financial technology solutions, including internet banking, treasury, payments, and accounting services to hundreds of financial institutions.[2] The idea crystallized around addressing the gap where SMBs—too large for retail banking but too small for advanced treasury services—turn to costly, unsupported third-party fintechs, complicating their finances.[2][5] Pivotal early traction came from seamless integrations with core banking providers like CSI and rapid deployment on Microsoft Azure, enabling quick adoption by community banks, credit unions, and even top-10 banks to process billions in transactions and support millions of users.[5][6] This evolution positioned Autobooks as a bridge, transforming banks' digital channels into SMB hubs and driving user loyalty through self-service enrollment.[6]
Autobooks rides the embedded finance trend, embedding sophisticated SMB tools into traditional banking to counter fintech disruptors like Stripe, Square, and QuickBooks that siphon ~80% of SMBs away from banks.[2][5][8] Timing is ideal amid rising digital banking demands post-pandemic, gig-economy growth, and SMB digitization, where market forces like low non-interest income pressures on banks and SMBs' need for affordable, integrated cash management favor quick-integrate solutions.[6][8] It influences the ecosystem by down-marketizing treasury services, boosting bank deposits/fees, and reclaiming workflows—helping ~80% of underserved SMBs stay with incumbents, fostering loyalty and reducing fragmentation.[5][6]
Autobooks is poised to expand as banks prioritize SMB segments amid regulatory pushes for open banking and AI-driven automation in payments/accounting. Next steps likely include deeper AI for predictive cash flow, international partnerships, and enhanced gig-worker features to capture lifestyle businesses. Its influence could evolve by setting standards for embedded SMB tech, pressuring competitors on integration speed and bank alignment—ultimately redefining small business banking as a seamless, institution-led experience that powers growth from day one.[2][5][8]