Canadian digital receipt startup Sensibill is planning to move into the US and UK after raising $17.3 million in a Series A funding round led by Information Venture Partners and OpenText Enterprise Apps Fund (OTEAF).
Founded in 2013, Toronto-based Sensibill works with banks such as TD and Scotiabank to incorporate its digital receipt technology into their apps, enabling personal and business customers to manage line item receipts from their phones.
The platform uses machine learning to structure receipt data and give users rich insights such as product information, return policy tracking and auto-categorisation.
"We knew that people wanted an intuitive and secure solution for managing their receipts, but we've also learned a great deal about how they want to make better use of their purchase information," says Corey Gross, CEO, Sensibill.
"Think reminders for when warranties expire, being able to optimize household budgets, and highly targeted credit card rewards. That's where machine learning comes into play, and we're excited to add more fuel to our growing research and AI team right here in Toronto."
The new funding will not only be used to boost the firm's AI capabilities but also to fund efforts to break into the US, UK and Australian markets.
Tony van Marken, General Partner, OTEAF, says: "In a short space of time Sensibill has closed deals with some of the world's leading financial institutions in a highly competitive environment. We are very excited about their growth prospects and look forward to working with Corey and his outstanding team."