Dext, formerly Receipt Bank, has received a significant investment from European software investor Hg, making Hg a major shareholder.
The exact details of the investment, which comes after Dext passed the 1 million users milestone, were not disclosed. The firm reported significant growth in its user base during the pandemic, adding a quarter of a million users during 2020.
Following the transaction, Hg has joined the Dext board. Insight Partners remains a substantial shareholder, alongside founders Alexis Prenn and Michael Wood.
“Hg are in many ways the best possible shareholder for Dext, given their unrivalled expertise in the accounting world,” Dext CEO Adrian Blair said in a statement. “Hg’s track record in growing businesses like ours will help us go further and faster in our mission to make accountants and bookkeepers productive, profitable and powerful. It’s been an exciting journey to 1 million users and reflects our continuing strong growth. I’m excited about the future growth that Hg’s involvement will bring. Our users will continue to see the same features and service they love, with new products on the horizon soon.”
Dext recently expanded its data clean-up toolkit Precision (formerly Xavier) globally to QuickBooks Online as well as Xero users. Dext Connect, for desktop accounting software, was also launched alongside Dext Prepare (formerly Receipt Bank).
