INSIGHTS / News

SETsquared Bristol member Xavier Analytics has been acquired by digital accounting platform Receipt Bank to boost the range of advisory tools offered to accountants and bookkeepers.

Since launching at the end of 2018, the award-winning start-up, has grown rapidly as a member of SETsquared Bristol. Now Xavier, which is classed as the UK’s leading data quality tool for accountants, becomes part of Receipt Bank’s product portfolio. The acquisition consolidates two of the most highly rated services in the Xero ecosystem.

Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for both accountants and bookkeepers. Giving assurance and value for small businesses that their finances are in good hands.

Receipt Bank saves and sorts data in one place, powering accountants with the tools to help businesses project financial plans. Receipt Bank plans to expand the joint offer internationally in 2020, with Xavier spring boarding into Australia this Autumn, following the launch of the company’s business insights tool ‘Resilience’.

The move follows Receipt Bank’s successful $73m January Series C raise and is part of the company’s strategy to provide products that power accountants to deliver sound advice to make businesses more successful.

Receipt Bank CEO Adrian Blair commented: “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank will give accountants the tools to help businesses make better financial decisions using the most accurate data at every step.”

Rich Nicolson, Xavier CEO, added: “Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”