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Based in London, United Kingdom, Dext provides an artificial intelligence-powered bookkeeping automation software platform that extracts financial data from receipts, invoices, and payments. The subscription-based software-as-a-service platform utilizes machine learning algorithms to automate expense categorization and synchronize directly with external accounting systems, achieving a reported data extraction accuracy rate of over 99 percent. The company primarily serves small businesses, independent accountants, and professional bookkeepers by eliminating manual data entry processes and facilitating more streamlined financial decision-making. The organization's executive leadership team currently includes Chief Executive Officer Sabby, Chief Technical Officer Stefan, and Chief Product and Technology Officer Stephen, who was appointed to his role in March 2023. Originally incorporated as Receipt Bank Limited on August 31, 2010, before officially rebranding to its current corporate name in 2021, the company was established by undisclosed founders.
Dext has raised $155.9M across 3 funding rounds.
Dext has raised $155.9M in total across 3 funding rounds.
Dext has raised $155.9M in total across 3 funding rounds.
Dext's investors include Jason Ewell, CIBC, Insight Partners, GSV Acceleration, Krillion Ventures, Reach Capital, Smash Capital, Vesuvio Ventures, Marc Benioff.
Dext has raised $155.9M across 3 funding rounds. Most recently, it raised $95.9M Debt / Series C in January 2020.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 3, 2020 | $95.9M Debt Financing | Jason Ewell | CIBC | Announced |
| Jul 1, 2017 | $50M Series B | Insight Partners | GSV Acceleration, Krillion Ventures, Reach Capital, Smash Capital, Vesuvio Ventures, Marc Benioff | Announced |
| Feb 3, 2016 | $10M Venture Round | — | — | Announced |
Dext is a leading bookkeeping automation platform in the fintech sector that captures, digitizes, and manages expense and invoice records for businesses, bookkeepers, and accountants using AI and OCR technology.[1][2][4] It serves small and medium-sized businesses (SMBs) in sectors like construction, professional services, hospitality, and retail, solving the problem of manual data entry by automating extraction, categorization, and integration with major accounting software such as Xero, QuickBooks, Sage, and FreshBooks—achieving 99.9% accuracy and saving users hours weekly.[1][4] With over 700,000 businesses using it, Dext processes millions of documents monthly, won awards like Xero's Small Business App of the Year in 2024 (UK and US), and was acquired by IRIS Software in December 2024 after raising $133M.[1][4]
Founded in 2010 in London, UK, as Receipt Bank, Dext emerged to tackle the tedium of manual receipt and invoice data entry for SMBs and accountants.[1][2] The company rebranded to Dext in 2021 to reflect its expanded capabilities beyond receipts, including advanced management and reporting tools powered by AI.[1] Early growth was rapid, becoming one of the most recognized online receipt solutions globally; by 2023, it supported over 35,000 accountants, saved 75,000+ hours, and analyzed 5 million documents monthly.[1] A pivotal moment came with its December 2024 acquisition by IRIS Software, enhancing its position in the accounting ecosystem.[1]
Dext rides the wave of fintech digitization and AI-driven accounting automation, addressing the shift from manual bookkeeping to cloud-based, real-time financial management amid rising SMB adoption of tools like Xero and QuickBooks.[1][2][4] Timing is ideal post-pandemic, as remote work and economic pressures amplify demand for efficiency; market forces like regulatory pushes for accurate records and AI advancements favor solutions processing 5M+ documents monthly.[1] It influences the ecosystem by partnering with accounting giants, reducing data entry friction for 700,000+ users, and setting benchmarks—much like peers AutoEntry (Sage-acquired)—accelerating the $10B+ expense management market toward full automation.[1][4]
Post-2024 IRIS acquisition, Dext is poised for accelerated innovation, likely deepening AI features, global expansions, and tighter integrations to capture more of the SMB fintech market.[1][2] Trends like embedded finance, advanced AI analytics, and regulatory tech (e.g., VAT compliance) will shape its path, potentially boosting user base beyond 1M while enhancing predictive insights.[4] Its influence may evolve into a backbone for IRIS's ecosystem, empowering accountants with proactive tools and solidifying Dext's role in making bookkeeping effortless for growing businesses.
