Autobooks Raises $5.5 Million for New Small Business ToolsBy Amanda Lewan on March 13th, 2017 /
We love to see successful founders go on to starting their next companies in the region. Former co-founders of BillHighway, Steve Robert and Aaron Schmid, are now at it again with a new fintech startup called Autobooks.
Autobooks is a technology licensed by financial institutions that allows small businesses to gain access to tools typically only available for larger commercial accounts. So, small business owners, you can have more payment options like ACH, Credit Card, and Lockbox Checks with the click of a button.
“Instead of just basic bill pay service, a small business can now add customers, create a budget, send invoices and get paid faster,” said Co-founder Steve Robert.
The platform offers no monthly fee unlike QuickBooks, plus the ability to accept payments from credit cards significantly cheaper than competing services like PayPal or Stripe. The startup based in Troy has a team of 9, expecting to grow by 25 before the end of the year. The team has closed on a $5.5 Million Series A round led by Draper Triangle, following a self-funded round of $2 Million. Partners in the investment also include CU Solutions Group, Baird Capital, Detroit Venture Partners, and Invest Michigan.
Why another fintech startup? The founders saw a huge opportunity to help an underserved audience.
“Billhighway was our first act. My partners and I intended to create a small portfolio or businesses, whereas we could create high-performing teams and exploit opportunities in the market,” said Robert. “The opportunity for Autobooks is similar, yet much larger, as the addressable market is massive.”
Robert believes that Fintech is a hot market, with the opportunity to help transform legacy banking environments with new tools for online banking.
“We’re in the process of digitizing the file cabinet – the un-sexy work that goes on in the back office that is often done poorly,” he said. “Much of that work can be automated.”
Robert also hopes that by starting another successful tech company in the region, they can help to fuel the growth of our tech startup community.
“We have plenty of good ideas and promising startups in our community, but valuations remain depressed which doesn’t help us attract national investors – often because we don’t have seasoned 2nd or 3rd time operators running these companies,” he said. “We have an obligation to our community. The only way it’s going to mature and create more opportunities for others is if we can provide an environment for them to grow, learn, create wealth and most importantly – give back.”
Learn more about Autobooks: http://www.autobooks.co