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§ Private Profile · Vancouver, BC, Canada
Provides cloud-based AP automation FinTech software for accounting and finance teams, streamlining invoices, approvals, and payments.
Beanworks is a Vancouver, British Columbia-based financial technology and software company that provides cloud-based accounts payable automation software to streamline invoice processing, approval workflows, and electronic vendor payments. Operating on a recurring SaaS subscription model, the platform currently serves nearly 800 mid-market enterprise customers and processes over $17 billion in annual accounts payable spend globally. The system integrates directly with major enterprise accounting platforms such as Sage, QuickBooks, Oracle NetSuite, and Microsoft Dynamics to reduce manual data entry for corporate finance departments. After raising over $10 million in venture funding from institutional investors including Vancouver Founder Fund, TIMIA Capital, BDC Capital, and FINTOP Capital, the approximately 90-employee company was acquired by Quadient for $104 million CAD in March 2021. Beanworks was originally founded in 2012 by co-founders Catherine Dahl, Reza Sanaie, Tracy Thompson, and Jacky Vong.
Beanworks has raised $12.5M across 2 funding rounds.
Beanworks has raised $12.5M in total across 2 funding rounds.
Beanworks is a SaaS-based accounts payable (AP) automation platform that modernizes end-to-end AP processes, from purchase orders to payments, by automating workflows, data entry, and approvals.[1][2][3] It serves mid-market businesses and accounting teams frustrated with manual, paper-based systems, integrating seamlessly with ERP software like QuickBooks, Sage Intacct, NetSuite, Xero, and Microsoft Dynamics to cut processing costs by up to 86%, reduce labor by 25%, and enable remote access.[1][2][3][5] Acquired by Quadient in 2021 for $104 million, Beanworks now supports over 1,000 customers processing more than CAD 16.1 billion annually, with high double-digit revenue growth in a market projected to reach $3-3.2 billion by 2026.[2][3][8]
Founded in 2012 in Vancouver, Canada, Beanworks was started by founders with collective accounting backgrounds who identified inefficiencies in paper-based AP invoices and built automation software to address them.[1][3] The idea emerged from recognizing the need for efficient tools serving accounting professionals, leading to early traction through cost-saving integrations with existing systems.[1] A pivotal moment came with its acquisition by Paris-based Quadient on March 22, 2021, for $104 million, expanding its reach while maintaining its cloud-based focus on AP transformation.[3][8]
Beanworks rides the AP automation trend accelerated by remote work, digital invoicing mandates (e.g., UK public sector requirements, France's 2024 taxable person mandate), and a shift from manual processes in a $1-1.2 billion market growing 21% to $3-3.2 billion by 2026.[2] Its timing aligns with cloud adoption and FinTech demand for efficiency, enabling mid-market firms to compete with enterprise tools amid labor shortages and rising costs.[2][3] As part of Quadient's Business Process Automation portfolio, it influences the ecosystem by standardizing digital AP, reducing risks, and fostering integrations that connect accounting teams globally.[3][4][8]
Post-acquisition, Beanworks will likely expand internationally (e.g., recent UK/France launches) and deepen AI enhancements for data capture and predictive analytics, capitalizing on regulatory tailwinds and ERP ecosystem growth.[2][6] Trends like electronic invoicing mandates and hybrid work will propel adoption, potentially evolving its influence toward comprehensive purchase-to-pay suites within Quadient. This positions Beanworks to sustain high growth, transforming AP from a cost center to a strategic advantage for scaling businesses.[2][3]
Beanworks has raised $12.5M in total across 2 funding rounds.
Beanworks's investors include FINTOP Capital, BDC Venture Capital, Rhino Ventures, Greg Smith.
Beanworks has raised $12.5M across 2 funding rounds. Most recently, it raised $8.0M Series B in September 2018.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 1, 2018 | $8M Series B | FINTOP Capital | BDC Venture Capital | Announced |
| Jun 5, 2017 | $4.5M Series A | Rhino Ventures, Greg Smith | — | Announced |