After watching Consero’s accounting platform support companies it works with, BV Investment Partners, a Boston-based private equity firm, decided to add the Austin fintech company to its portfolio with a $50 million investment.
The companies announced the funding today, which Consero representatives said marks the largest single investment for a mid-market, finance-as-a-service platform to date.
Consero is becoming the go-to solution for many private equity firms for their portfolio companies.”
“Consero’s goal remains unchanged — to extend our leadership position and value proposition in the finance-as-a-service space,” said Consero CEO and co-founder Scott Tynes. “That said, this event allows us to accelerate current growth and automation initiatives as well as open new avenues in which we can progress on both of those fronts.”
Consero’s platform SIMPL provides a single interface for mid-sized business owners to run CFO- and controller-level bookkeeping services. Its dashboard simplifies finance and accounting tasks by offering a visual overview of key performance indicators, bill approval, invoicing and more.
The company launched in 2006 and provides financial services to over 250 clients.
“Consero is becoming the go-to solution for many private equity firms for their portfolio companies,” said Tynes. “Private equity firms use Consero in their playbook to help them scale and grow.”
The company will use the $50 million to increase its business development initiatives by hiring nationally in sales, software development, and finance and accounting. It’s also directing funds toward product enhancements and a new acquisition strategy.
“While we are focused on driving growth by increasing investing in our outstanding sales and marketing organizations, we see additional opportunity to work with companies who could complement our current platform and areas of expertise,” said Tynes. “That could happen in different ways from partnerships to acquisitions, but the end goal is additional value creation for our customers and the ability for more companies to leverage the benefits of our solutions.”
With about 350 employees worldwide, Consero has about 30 at its Austin headquarters, according to LinkedIn. Prior to today’s funding, the company last raised $5 million in 2015 from Kayne Partners which it used toward product, geographic reach and infrastructure growth.