Autobooks Raises $5.5 Million For New Small Business Tools

DETROIT – We love to see successful founders go on to starting their next companies in the region. Former co-founders of BillHighway, Steve Robert and Aaron Schmid, are now at it again with a new fintech startup called Autobooks.

Autobooks is a technology licensed by financial institutions that allows small businesses to gain access to tools typically only available for larger commercial accounts. So, small business owners, you can have more payment options like ACH, Credit Card, and Lockbox Checks with the click of a button.

“Instead of just basic bill pay service, a small business can now add customers, create a budget, send invoices and get paid faster,” said Co-founder Steve Robert.

The platform offers no monthly fee unlike QuickBooks, plus the ability to accept payments from credit cards significantly cheaper than competing services like PayPal or Stripe. The startup based in Troy has a team of 9, expecting to grow by 25 before the end of the year. The team has closed on a $5.5 Million Series A round led by Draper Triangle, following a self-funded round of $2 Million. Partners in the investment also include CU Solutions Group, Baird Capital, Detroit Venture Partners, and Invest Michigan.

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