Autobooks closes $5.5M venture capital round

crainsdetroit.com

1 pointbootload2 comments

"Autobooks is a startup that offers bundled payment and accounting software to small companies, which is made available to them through their banks or credit unions. Auto books licenses the technology to the financial institutions, which then makes a profit by offering it to their customers."

My first thought was, "how many different accounting packages can you build and sell to a market?" what makes this company useful is it fills a gap for bigger businesses.

"The first wave of fintech [financial technology] companies focused on disintermediating banks from their customers, but they found that to be hard to do. The current generation is finding it productive to partner with banks,"

Selling a startup to banks.

Googled it because I was intrigued who they were and Google decided I'd typoed and showed me a results page for "audiobooks" instead. Ouch. I wonder how much publicity/SEO juice it takes to overcome something like that.

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