Beanworks is a technology company.
Beanworks provides accounts payable automation software that helps finance teams streamline their AP processes, reducing manual work and errors.
Beanworks has raised $8.0M across 1 funding round.
Beanworks has raised $8.0M in total across 1 funding round.
Beanworks has raised $8.0M in total across 1 funding round.
Beanworks's investors include BDC Venture Capital, FINTOP Capital.
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 $8.0M across 1 funding round. Most recently, it raised $8.0M Series B in September 2018.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Sep 1, 2018 | $8.0M Series B | BDC Venture Capital, FINTOP Capital |