Sensibill raises $42 million to power AI banking solution for freelancers and small business owners
CEO Corey Gross in front of our office receipt wall Photograph by: Sensibill
We're excited to announce that we've closed our latest funding round, raising $42 million CAD ($31.5 million USD).
We can't lie: Funding is exciting, the media buzz is fun. We're thrilled to share the news. But more importantly, milestones like this are an opportunity for us to reflect on where we've been and where we're going.
It was a lot of hard work to get here, and we couldn't be more excited to share what this new capital means for us.
But first, the details...
This round was $42 million, which, with our $17 million CAD Series A round in 2017, this brings us to a total of $61 million in financing.
The financing was led by AI-focused VC, Radical Ventures. Other investors included the National Bank of Canada, and our previous Series A leads, Information Venture Partners and First Ascent Ventures. Jordan Jacobs from Radical Ventures said, “There is a significant cohort of companies on a trajectory [to be worth billions of dollars]. Sensibill is one of them. We want to help them."
With great growth comes great possibilities
A lot has changed since our Series A in 2017. Our employee count has doubled, and we've opened our office in the U.K. This growth has enabled us to secure dozens of partnerships with major banks in the the U.S., the U.K., and Canada, including the Bank of Nova Scotia, Royal Bank of Scotland Group, and channel partners such as FIS.
“We’re helping champion the future of work. That means supporting small business owners, freelancers, and entrepreneurs — they’re the fastest growing segment and the most underserved by banks.”
Corey Gross, Co-Founder and CEO of Sensibill
There's plenty more ahead for us. We plan to serve hundreds of institutions and their tens of millions of banking customers in the coming years.
Building the future of banking
We haven't just grown our reach, we've also created a product vision that resonates with banks, employees, and our end-users. Ultimately, the goal is to offer contextual advice and improve end users’ financial health through AI-assisted decisioning.
“What we're trying to do at Sensibill is bridge the gap between what banks are good at today, and where they need to be in five or ten years to protect their relationships from disruption.”
Corey Gross, CEO and Co-Founder of Sensibill
We've always been on a mission to unlock valuable purchase data for our both end users and their banking providers. This funding will allow us to build new products, connect with new geographies, and deepen our AI expertise.
Key to this vision of the future is Radical Ventures. Joining Sensibill's board will be Jordan Jacobs, co-founder of Radical, the Vector Institute and fintech Layer 6, which was acquired by TD in 2017. Our CEO, Corey Gross, says, “The team at Radical can actually walk the walk when it comes to experience in applying artificial intelligence to business problems. Through this collaboration, we can become indispensable partners to banks."
We at Radical Ventures are proud to lead this investment in Sensibill. This is a classic story of an under-the-radar company from Toronto with fantastic data-driven, customer-facing AI solutions being used by a who’s who of global Tier 1 banks. We are very excited to help support Sensibill’s rapid growth as it transitions from successful startup into a global powerhouse.
Jordan Jacobs, Co-fonder and Managing Partner at Radical Ventures.