Axiom Equity, a specialized B2B SaaS growth equity fund, has provided €60 million (US$64.3 million) in Series C investment to AccountsIQ, the cloud-based accounting platform.

In an effort to influence how finance functions in the future, AccountsIQ plans to integrate AI into its platform with this new investment. The money will also be utilized to promote global expansion and ongoing product development.

The financial management system (FMS) offered by AccountsIQ is a software-as-a-service (SaaS) that is intended to revolutionize the finance function by resolving intricate issues such as multi-currency consolidation, multi-level approvals, third-party interfaces, and the automation of routine tasks.

AccountsIQ will be able to expand all facets of its financial function and provide a better user experience for its clients by incorporating AI into its platform.

For AccountsIQ, scaling its platform with cutting-edge technology like AI is a noteworthy accomplishment.

By providing the appropriate information to the right user at the right time, it can now further empower the finance teams of its customers and foster digital cooperation with stakeholders in their organizations. This raises the organization's financial IQ and helps it make better choices.

AccountsIQ: Emerging as the Premier Global FMS

These developments will help AccountsIQ in its journey to become a preeminent global FMS.

The fintech's plans to expand its workforce to over 200 employees and increase its resource base over the next several years are also supported by the additional capital. In order to give its wide range of clients even more value, it will also improve its recently acquired AI capabilities.

AccountsIQ's founder and CEO, Tony Connolly, states: "We are ready to advance the AccountsIQ product and service after reaching a significant milestone with over 1,000 clients.

"This investment comes at a perfect turning point for our offering, enabling us to leverage AI tools into useful, user-friendly services; to increase the flexibility, value, and intrigue of roles in the finance team."

"We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning," says Martin Wygas, Founding Partner of Axiom Equity. Our team was really inspired by their forward-thinking vision and in-depth knowledge of their client base.

"We are thrilled to be partnering with AccountsIQ to scale AIQ to the next level, as we recognize the potential to accelerate their product development with additional capital and expertise."

According to a poll conducted by AccountsIQ last year, 23% of senior financial professionals worry that AI would make their jobs obsolete. With the most recent changes to the AccountsIQ FMS platform, it is now evident how AI will complement finance staff' strengths rather than take their place.

We discussed the advantages of contemporary financial management systems and distributing the burden across finance teams with Karen Ko, Senior financial Director at Pleo, in August 2023.