Uplinq Raises $5.6M for Bookkeeping and Analysis Platform for SMBs
Bookkeeping solution provider Uplinq has raised $5.6 million in seed funding.
This funding joins the $1.6 million it raised in a previously unannounced round, the company said in a Thursday (Dec. 8) press release.
Uplinq will invest the new capital in marketing, sales, engineering and customer delivery to support the demand for its automated bookkeeping and financial intelligence platform that helps small and medium-sized businesses (SMBs) manage bookkeeping and access financial data, according to the release.
“With continued economic uncertainty, new automated FinTech like Uplinq helps businesses take advantage by keeping track of changing costs and financials more efficiently than ever before to make smart business decisions fast,” Uplinq CEO Alex Glenn said in the release. “This funding round will accelerate the next phase of Uplinq’s growth plans and expand our reach across this lucrative $15 billion industry.”
Uplinq’s technology provides real-time analysis by gathering, organizing and categorizing business transactions. It integrates with 10,000 financial institutions and many of the payroll, accounting, point-of-sale (POS), human resources (HR) and other resources that SMBs already use, according to the press release.
The company is piloting additional solutions and plans to release them in 2023, the release said.
“We offer businesses a better way to get professional help through our proprietary technology, that not only makes bookkeeping worry-free for the business owner, but also provides them with powerful data automation and machine learning to better understand their finances and how their business can improve,” Glenn said in the release.
PYMNTS research has found that two-thirds of firms are either currently innovating their systems to automate routine accounts payable (AP) procedures or plan to do so within the next 12 months.
In fact, 11% of firms say they are currently innovating their AP systems, 31% say they will start innovating in the next six months and 27% say they will do so in the next 12 months, according to “ERP Solutions in B2B Payments,” a PYMNTS and American Express collaboration.
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