Changelog
Showing the latest 10 of 40 total updates. The last update was made on January 17th, 2025.
Revenue updated for Xero
Revenue updated for FloQast
Numeric was added to Accounting
Kick was added to Accounting
Info-Tech was removed from Accounting
Info-Tech was added to Accounting
Revenue updated for Bank Statement Converter
Revenue updated for FloQast
FloQast had its URL changed
FloQast was added to Accounting
In this report we're tracking $178.2M in monthly recurring revenue and $497.3M in funding.
#1
Bank Statement Converter: $32K in Monthly Recurring Revenue
Software which converts PDF bank statements to CSV format
Bank Statement Converter is a service which converts bank statements to CSV files and is owned by Angus Cheng after being founded in 2021.
The platform can transform bank statements from PDF so that they can be easily viewed and sorted in the likes of Excel or Google Sheets. The business has expanded its services over the years and is now able to convert statements from thousands of banks worldwide.
It's free to use the service to convert five pages per day or users can subscribe to pay for additional credits which allows more PDF pages to be converted to CSV.
As the business offering has grown, so have the revenue figures. In mid-2023 Bank Statement Converter hit $9,700 in monthly recurring revenue. By the end of that year this had increased to over $18,000.
As of October 2024 the platform has grown to $30,400 MRR.
#2
Air Accounting: $1.8M in Annual Revenue
accounting and financial support for Australian businesses
Air Accounting is an Australian-based accounting support business which was founded in 2015 by Cam Lee and Shaun Stubley.
The company works with a range of Australian brands in all aspects of financial services, including:
- Advice on acquisitions, mergers, structuring and valuations
- Accounting completion which includes payroll, invoicing, inventory and reports
- Ensuring compliance on aspects such as tax returns and financial statements
- Finance team leadership and development alongside reporting, strategy and forecasting services
The business has formed partnerships with several brands to support growth, which has been reflected in their annual income. Their latest update reveals revenue has increased to $1.86 million from $540,000 just three years prior.
#3
Dexterous: $2.4M in Annual Revenue
offering an outsourced finance department solution
Dexterous Group is an Australian-based accountancy firm that was founded in 2015 by James Iliffe and Nick Urry.
The business - with a team of 40+ staff - essentially acts as a fully outsourced finance department managing aspects like accounting and financial training.
Due to providing customers the benefits of having no in-house finance costs or management, Dexterous has continued to grow its customer base which has significantly helped the businesses increase revenue.
Whilst no public pricing is visible without a free consultation, their income report shows annual revenue has grown to $2.4 million, from $1.12 million just three years prior.
#4
Mazuma: $2.5M+ in Funding
Online accountants for UK businesses
Mazuma is an accountancy firm for UK companies which was founded in 2006 by Lucy Cohen and Sophie Hughes.
The platform provides accounting, bookkeeping, payroll and tax returns services to small businesses who can submit their documentation online or by free post.
Each month Mazuma sends customers their accounts along with advice, then each year submits annual returns for a monthly fee of £34 (~$44) plus VAT.
The business - which was started with just £100 - has now amassed more than 10,000 subscribers.
In January 2024 Mazuma received business funding, and although the exact amount wasn't revealed, it was confirmed as between £2 million to £5 million (~$2.5-$6M); giving the business a valuation of £10 million (~$12.7M). This investment has been used to grow the number of employees from 40 to over 70 as they aim to support more customers going forward.
#5
E-file.com: $10.9M in Annual Revenue
Online tax filing software as a service
E-file.com is as an online tax preparation platform which was founded in 2011 by Robert Reynard and Aaron Rosenthal.
The business software allows customers to file federal and state taxes by creating an account with their business details including income and deductions - the E-file.com service will then calculate a tax return which can be filed electronically or printed - often within 15 minutes.
Customers can use the service to complete federal filings for free. There are then two paid options for state filings support starting from $27.99.
In 2019 E-file.com generated $5.4 million in revenue, which rose to $11.2 million before falling slightly to $10.9 million for the last two years respectively.
#6
Taxually: $11.8M in Annual Revenue
Full service tax compliance platform
Taxually is a tax compliance support service for businesses and accountants that was founded by Fergal Garvey, Mike Glover and Stefan Mladenovic.
The business works with companies in over 45 countries to stay up to date with regulations and fulfill obligations such as eco taxes, global VAT and US sales tax.
Taxually has split their offering into four segments, each specialising in a specific area of tax compliance. They are CrossTax, EcoTax, LumaTax and OneTax. Between them they cover all areas of taxation, as well as software to support business transactions.
Working with businesses such as eCommerce retailers and accounting providers, Taxually’s full service offering has a growing customer base which has been reflected by their increasing income.
Annual revenue for 2022 grew to €10.6 million (~$11.8M), a huge increase on the €175,000 (~$207K) they reported in 2019.
#7
Kick: $12M in Funding
AI-powered bookkeeping
After selling Teachable for $250 million, Conrad Wadowski set out on a mission to transform the accounting experience, automate the boring stuff and give people time back to do what they love.
Founded in 2022, Kick offers a mix of automation and personalisation that allows businesses to place a big part of their bookkeeping tasks on autopilot. For example, the platform categorises transactions in real-time, including those easy-to-miss deductions like travel, meals, home office or car-related expenses.
Kick also offers revenue insights, spending monitoring, and a fully customisable platform.
Since its launch, Kick has raised $12 million in funding and recorded a 50% growth during the summer of 2024.
Kick is currently used by 1,000 customers, entrepreneurs and accountants. Felten from Babycat Accounting noted that Kick helped him reduce the review time for clients' financials by 75%.
#8
Info-Tech: $19.2M in Annual Revenue
HR and Accounting Software provider
Info-Tech is an HR and accounting platform which was founded back in 1996 from their headquarters in Singapore.
The business aims to support companies with an all-in-one resource operations package that includes accounting and HR software, payroll services, and reports.
Working with varying-sized businesses in a range of industries, Info-Tech has gone on to provide human resource management and accounting to more than 30,000 customers thanks to a team of 500+ employees.
The cost of the service is a little vague - as customers are encouraged to request a demo to trial the platform - but we can see that access to some elements of the accounting software start from $25 per month.
Annual revenue for the business has been fairly consistent over the last two years, falling slightly to $19.2 million from $20.5 million the previous year. However, this is a significant increase on the $6.2 million annual revenue reached in 2019.
#9
LiveFlow: $20.8M in Funding
Intelligent Finance analysis software
LiveFlow is a finance and accounting automation service which was founded in 2021 by Lasse Kalker, Anita Koimur and Evan O’Brien.
The platform enables customers to build and monitor live client dashboards, consolidate accounts with financial statements and integrates accounting software and bank data onto spreadsheets. Users are also able to automate reporting of accounts using customisable pre-built financial model templates.
The overall aim of the business is to support accountants in reducing the number of manual and repetitive tasks, and it’s this modernisation benefit which has led to the service being used by thousands of companies.
Custom pricing for the software begins at $500 per month and a demo can be booked to fully understand the offering. The is also a one off implementation fee of $2,500 which includes onboarding and private training.
In September 2024 LiveFlow raised $13.5 million in funding which aligned with the business expanding their reporting and analysis services. This takes the total amount of investment received to $20.8 million.
#10
Numeric: $38M in Funding
Accounting software
Wherever there's frustration, there's a chance for innovation.
In 2020, Parker Gilbert was not enjoying his job managing finances and accounting at an early-stage startup. So, together with Anthony Alvernaz and Andrew Bihl, he created Numeric, an accounting software that partly automates the book-closing process.
Since its founding, Numeric has raised $38 million in funding and achieved a remarkable 400% revenue growth in 2024, surpassing $2 million.
Numeric serves businesses by acting as an AI assistant throughout the entire accounting lifecycle. On the platform, teams can streamline reconciliations and automate recurring tasks to close faster. Numeric also allows them to connect subledgers, automate accounting workflows, and validate financial data.
Numeric has three membership plans: Essentials, Growth, and Enterprise, with Essentials available free of charge.
#11
FloQast: $100M in Annual Recurring Revenue
Finance and Accounting Operations Platform
FloQast is a provider of accounting workflow software which was founded by Chris Sluty, Mike Whitmire and Cullen Zandstra in 2013.
The service enables accountants and internal auditors to streamline tasks, tracking, compliance, and financial closes with artificial intelligence. Users can also collaborate on accounting documents with both internal and external teams from a single platform.
The business has grown to more than 600 employees and is used by over 3,000 accounting teams, including the LA Lakers, Twilio, and Zoom.
FloQast recently announced that it has surpassed $100 million in annual recurring revenue. Mike Whitmire shared that this news was celebrated internally as it was one of the main long-term goals when starting the company.
#12
Vic.ai: $115M in Funding
AI for Invoicing and bill pay
Founded in 2017, entrepreneur Alexander Hagerup was well ahead of the crowd by establishing an AI-focused company.
His goal was to create a platform that manages all aspects of accounting, invoicing and payments.
As with many similar companies of their size, Vic.ai doesn't reveal any kind of pricing upfront. Instead, you have to schedule a meeting with one of their representatives to let them know about your ideal use case.
Their most recent funding round - of which they've raied $115M in total - was for $55M in December of 2022. While various websites like to estimate how much revenue they're generating, we haven't been convinced with the guesses yet, so we'll wait until there's some more concrete data.
#13
Finally: $309M in Funding
Accounting, bookkeeping and finance assistance
Finally is a business finance management platform which was founded in 2018 by Edwin Mejia alongside husband and wife team Felix and Glennys Rodriguez.
The business supports companies in managing their bookkeeping by assisting with tasks such as bill payments, expense management, invoicing and payroll, as well as tax preparation and returns. Finally have also introduced AI-powered business banking functionalities.
The service includes a number of integrations with other platforms, including Salesforce, Shopify, and PayPal, as it aims to streamline a number of finance operations for users. The popularity of this offering is reflected in the fact that they’re adding up to 1,000 new business customers each month.
There are three pricing tiers available, which include an incremental range of benefits such as an additional number of accounts and various features such as payroll management and tax filing; the highest plan also comprises a corporate card.
In September 2024, Finally announced a $50 million funding round, taking the total amount of investment in the business to $309 million. And whilst they’re not upfront in sharing specific revenue figures, we do know that annual income has grown by 300% since 2022.
#14
Xero: H1 2025 Revenue of $996M
Accounting software for accountants and businesses
Xero - originally called Accounting 2.0 - provides accountancy software platform for businesses after being founded in 2006 by Hamish Edwards and Rod Drury.
Customers can use the service to accept payments, claim expenses and run online invoicing. Xero also includes an online dashboard featuring business analytics and finance reporting.
The software connects with bank accounts to provide automatic feeds, various business apps, and links directly to accountants, allowing multiple users to submit files and simultaneously work on the same set of books.
The business employs over 4,200 staff in offices worldwide and has more than 4.2 million subscribers for their offering. There are three pricing tiers ranging from $15 to $78 per month, with the higher plans including options such as analytics and multiple currency preferences.
In 2024, Xero reported $1.7 billion in annual revenue, which followed on from the $1.4 billion generated the previous year. For the first half of 2025 the business reached $996 million in revenue, which was up 25% YoY.
Xero - which has received $1.6 billion in funding to date - have made several company acquisitions previously and announced in September 2024 that they’re purchasing Syft, a cloud-based analytics and reporting platform for businesses and accountants.
