Machine learning mobile banking platform Sensibill has raised $17.3 million in a Series A funding round, led by Information Venture Partners and OpenText Enterprise Apps Fund (OTEAF).

Using artificial intelligence (AI), Sensibill offers a number of services for mobile banking apps centered around the everyday receipt. The Toronto-based FinTech firm last year launched its core product – a smart receipt management service with Scotiabank and TD Canada Trust’s mobile wallet app.

The funds raised will be used to accelerate development of a new system that can structure data from any merchant receipt and return insights to consumers and businesses alike.

Corey Gross, co-founder and CEO of Sensibill, said: “We knew that people wanted an intuitive and secure solution for managing their receipts, but we've also learned a great deal about how they want to make better use of their purchase information.

“Think reminders for when warranties expire, being able to optimize household budgets, and highly targeted credit card rewards. That's where machine learning comes into play, and we're excited to add more fuel to our growing research and AI team right here in Toronto.”

David Unsworth, co-founder and general partner at Information Venture Partners, added: “We are pleased to be leading this round of investment. As experienced financial technology investors, we have long believed in the inevitable ubiquity of mobile banking as a core digital channel for all financial institutions.

“We believe Sensibill is well-positioned to bring its digital receipt capabilities into every mobile banking application and are thrilled to be their partner as they continue to scale and develop a world-class financial technology company.”

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