An Ontario Centres of Excellence (OCE)-supported fintech start-up founded to make paper receipts a thing of the past has recently closed one of the largest Series A rounds in Canada to date.
On March 2, Sensibill announced it has raised $17.3 million, led by Canadian VC firms Information Venture Partners and OpenText Enterprise Apps Fund (OTEAF). The Toronto-based company says the funds will enable the team to continue developing and expanding its current suite of value-added services for mobile banking apps, which centers on relieving a common pain point for consumers – managing their everyday receipts.
“We congratulate Sensibill on this significant development for the company,” says OCE President and CEO Tom Corr. “It is wonderful to see an Ontario company achieve this level of success. This investment will ensure the company has the resources to successfully market its breakthrough technology globally and to take it to the next level.”
Sensibill’s core product, Receipts, integrates with mobile banking apps to allow customers to manage digital receipts. It uses machine learning to extract line-item data from paper or email receipts and create a digital copy, giving customers an easy way to store, organize, search and export receipts for uses such as taxes, expense tracking, returns and warranties.
The platform also has enormous value for financial institutions. Item-level analytics that give insight into what users are purchasing enables banks to better understand their customers’ needs and offer personalized services to meet them.
But Sensibill notes that this is just the beginning as the team focuses on delving even deeper into the potential of AI following the announcement.
“We knew that people wanted an intuitive and secure solution for managing their receipts, but we've also learned a great deal about how they want to make better use of their purchase information,” says Corey Gross, Co-Founder and CEO of Sensibill. “Think reminders for when warranties expire, being able to optimize household budgets, and highly targeted credit card rewards. That's where machine learning comes into play, and we're excited to add more fuel to our growing research and AI team right here in Toronto.”
Sensibill currently employs 48, but Gross projects this could double within the next year.
Sensibill was founded in May 2013 out of Ryerson’s DMZ. OCE initially supported the start-up through a Voucher for Commercialization in 2013. In 2014, $125,000 from OCE’s Market Readiness Program helped Sensibill pilot its technology with five of Canada’s leading financial institutions—RBC, TD, BMO, Scotiabank and Tangerine. This significant traction led to the start-up securing $2 million in financing in 2015.
Sensibill’s digital receipt management platform launched last year with Scotiabank and TD Canada Trust's mobile wallet app UGO Wallet. Now, with the additional $17.3-million investment, the company is focusing on rolling out the technology in Canada and expanding international efforts in the United States, U.K. and Australia.