Uplinq, the tech-powered company that provides advanced bookkeeping solutions through data automation and machine learning, today announced it has raised $5.6 million in seed funding to revolutionize how small business owners manage bookkeeping and provide a more streamlined way of accessing financial data to empower small-to-medium-sized business owners (SMBs) with actionable insights. The funding was led by AZ-VC, the Arizona-focused venture capital fund that is uniquely focused on supporting emerging technology companies throughout the state. The round included a strategic investment from Live Oak Ventures, the fintech-focused venture arm of Wilmington, NC-based Live Oak Bank, one of the biggest SBA lenders that knows firsthand the struggles of bookkeeping for small businesses. Additional investors include Merus Capital and Members of the Kuwaiti Royal Family.
“SMBs start a business because they have an interest, expertise, or opportunity in a certain area or industry – not bookkeeping. They are often forced to choose from poor options such as outsourcing to firms with inconsistent service, hiring an internal finance manager, or doing it themselves,” said Uplinq CEO, Alex Glenn. “That’s where Uplinq comes in. We offer businesses a better way to get professional help through our proprietary technology, that not only makes bookkeeping worry-free for the business owner, but also provides them with powerful data automation and machine learning to better understand their finances and how their business can improve.”
With monthly subscriptions and pricing based on business needs across a variety of industries including technology, construction, healthcare, real estate, and more, Uplinq seamlessly integrates with over 10,000 financial institutions and many of the resources businesses already use including QuickBooks, ADP, BambooHR, and most payroll, accounting, point-of-sale, and HR vendors. This process is done through Uplinq’s proprietary technology that comprehensively gathers, organizes, and categorizes business transactions, to provide unparalleled review-ready, real-time analysis at the touch of a button. Due to their innovative technology, they provide customers with updated financials every week — instead of monthly or quarterly — and are piloting additional solutions with a planned release in 2023.
“With continued economic uncertainty, new automated fintech like Uplinq helps businesses take advantage by keeping track of changing costs and financials more efficiently than ever before to make smart business decisions fast,” said Glenn. “This funding round will accelerate the next phase of Uplinq’s growth plans and expand our reach across this lucrative $15 billion industry.”
The funding amount will scale Uplinq’s marketing efficiency, sales power, engineering capabilities, and customer delivery departments to support the demand for its next-level solution in the vastly underserved bookkeeping fintech market.
“Our investment reflects our view that machine learning and artificial intelligence, coupled with comparative financial analysis in bookkeeping, is an untapped vertical, and Uplinq is poised to lead the charge in making SMB data accessible and actionable for everyone,” said Stephanie Mann, EVP of corporate development and strategy for Live Oak Bank. “Businesses are only as strong as their accounting systems, and the list of organizations that will benefit from Uplinq’s financial data and automation technology is growing steadily each day. We look forward to seeing the new ways Uplinq will help our network and new businesses thrive now and in the future.”
“We have met with dozens of top-notch technology companies within Arizona and beyond, and what stands out about the Uplinq team is their infectious energy and passion for reimagining the bookkeeping industry. It is extremely rare to feel impacted to the point where you meet a company and wake up the next morning with a pronounced sense of conviction about a team’s ability to execute their vision, but that is Uplinq,” said Benjamin Brockwell, Principal, AZ-VC. “We are eager to put our vast regional and global fintech weight behind Uplinq as they enable SMBs to build more sustainable businesses.”
This current funding is in addition to a previously unannounced round of $1.6 million from additional seed investors.
For more information, visit https://www.uplinq.com/
Uplinq revolutionizes how small business owners think about bookkeeping. By seamlessly connecting your business accounts and industry-specific apps and providing a more streamlined way of accessing your data, you can focus on the things that matter – managing your business. Learn how you can stay on top of your bookkeeping without doing the work yourself by using Uplinq, the financial platform of the future.