Runway Growth Capital Invests $40 Million in Autobooks to Fuel Strategic Growth Initiatives

Runway Growth Capital's Bold Investment in Autobooks



In a strategic move that signals confidence in the growing financial technology sector, Runway Growth Capital LLC has announced a landmark $40 million senior secured term loan to Autobooks, a Detroit-based innovator in integrated payment, invoicing, and accounting solutions. This injection of capital marks a pivotal moment for Autobooks, which is set to leverage these funds to further its expansion and to facilitate its acquisition of Allied Payment Network, known for its agile payment solutions tailored for small and medium-sized enterprises (SMEs).

Founded in 2015, Autobooks has established itself as a leader in providing seamless financial management services tailored for the unique needs of small businesses. By integrating invoicing and payment acceptance directly within the digital banking platforms of banks and credit unions, Autobooks empowers business owners to manage their finances more efficiently. The recent acquisition of Allied Payment Network is expected to bolster these services, offering robust capabilities in bill payments and digital disbursements.

Expanding Market Reach
The partnership with Runway is expected to enable Autobooks to enhance its market presence significantly. The funds will help the company accelerate its development initiatives and expand its footprint in the competitive fintech landscape. Runway’s investment philosophy aligns perfectly with Autobooks’ vision: to equip financial institutions with the tools necessary to offer their SME clients a comprehensive suite of solutions.

Strength in Leadership
At the helm of Autobooks is co-founder and CEO Steve Robert, who has guided the company to remarkable growth milestones, including consecutive rankings on the Inc. 5000 list of fastest-growing private companies in America. With its recent move to a new headquarters located at 1505 Woodward Avenue in downtown Detroit, Autobooks is not just making a business decision; it is positioning itself at the heart of a technological renaissance in the region.

In response to the investment, Jeff Goldrich, Managing Director of Technology at Runway Growth Capital, remarked, “Autobooks' robust growth and approach to empowering small businesses via direct integrations with leading financial institutions is truly innovative. Our financing supports their ongoing platform growth and key strategic initiatives such as the Allied Payment Network acquisition, which we believe positions them as a critical partner for virtually any institution within the banking ecosystem that intends to serve the SMB market.”

Innovating the Banking Experience
For Steve Robert, acquiring Allied Payment Network is more than just a business acquisition; it’s about enhancing the overall experience that financial institutions can deliver to their business clients. By merging receivables, payables, and accounting functions into a single cohesive product offering, Autobooks intends to transform how banks provide services to their SME clients. “Financial institutions want to deliver more value to their business customers — and they want to do it within the banking experience.” Robert emphasized that this integration reflects Autobooks’ commitment to helping financial institutions compete more effectively.

A Vision for the Future
This acquisition and investment resonate with Runway's ongoing commitment to nurturing promising tech-driven companies with customized capital solutions. By enabling Autobooks to strengthen its embedded finance services, including real-time bill payment and digital disbursement solutions, Runway and Autobooks are setting a precedent in the small business banking realm.

“The tools we are building are not just products; they are an extension of our commitment to supporting the evolving needs of small businesses and their banking partners,” added Robert. As Autobooks moves forward with its vision, the collaboration with Runway indicates a robust future for both companies, with the potential to reshape the landscape of small business banking.

In conclusion, the $40 million from Runway Growth Capital is more than a financial boost for Autobooks; it is a catalyst for innovation within the banking and financial technology sectors, creating new pathways for small businesses to thrive amidst an ever-evolving digital landscape.

For more information on Runway Growth Capital, visit www.runwaygrowth.com and for Autobooks, check out www.autobooks.co.

This article is intended to provide insights into prevailing trends within the financial technology landscape and does not serve as financial advice.

Topics Business Technology)

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