Dext (ex Receipt Bank) Strengths, Domain Expertise, and Key Differentiators
Dext help accountants, bookkeepers and small businesses drop the data entry, go paperless and spend more time doing what they love. Dext make it simple to capture, process and share financial information instantly. A unique combination of AI-powered OCR technology and human verification turns documents into digital data faster than any other solution, with a level of accuracy you can trust.
Dext had a massive growth in 2019, having funding of significant amount and doubling the number of customers.
Dext (ex Receipt Bank) Recent Developments
In August 2021, Dext has added a digital sales product to its growing platform, following the acquisition of Greenback which rebrands to ‘Dext Commerce’. Dext Commerce allows accountants and bookkeepers to take on more digital sales clients by simplifying the collection and categorisation of sales data from 16 e-commerce, POS and payment platforms including Amazon, PayPal, Shopify and Stripe. It also integrates with Xero and Quickbooks Online, enabling accountants and bookkeepers to accurately submit eCommerce revenue into the largest accounting platforms.
In 2019, Receipt Bank launched sales invoices extraction for users across both accounts receivable and accounts payable workflows. Automatic line item extraction and Bank Match, where inbox items are matched with unreconciled bank payments, were additional autumn releases that further automated extraction and reconciliation processes.
Dext (ex Receipt Bank) Mergers and Acquisitions (M&A) Activities
In July 2020, Receipt Bank acquired data quality specialists Xavier, boosting the range of advisory tools offered to accountants and bookkeepers. Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on robust data. Receipt Bank plans to expand the joint offer internationally in 2020, with Xavier springboarding into Australia, following the launch of business insights tool ‘Resilience’.
Dext (ex Receipt Bank) Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Dext (ex Receipt Bank) applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Dext (ex Receipt Bank) and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Dext Prepare customers.
Dext (ex Receipt Bank) Overview
Ownership: - x
Number of Employees: 450
Functional Markets: ERP Financial,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Dext (ex Receipt Bank) Key Enterprise and Cloud Applications
Dext (ex Receipt Bank) Revenues, $M:
|Type/Year||2020||2021||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Dext (ex Receipt Bank) Revenue Breakdown By Type, $M:
|Type||License||Prof. Services||Hardware||Support & Maintenance||SaaS||PaaS||IaaS||Other (Non Enterprise Application Revenues)||Total|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||100%|
Dext (ex Receipt Bank) Enterprise Applications Revenues By Functional Markets, $M:
Dext (ex Receipt Bank) Enterprise Applications Revenues By Verticals, $M:
Dext (ex Receipt Bank) Revenues By Region, $M
|Region||% of Total Revenues||2021 Total Revenues, $M||2021 Enterprise Applications Revenues, $M||2021 Cloud Applications Revenues, $M|
Dext (ex Receipt Bank) Direct vs Indirect sales
|Region||Direct Sales||Indirect Sales||Total|
Dext (ex Receipt Bank) Customers - Breakdown by Geo, Size, Vertical and Product
No. of Dext (ex Receipt Bank) Customers: 360000
No. of Dext (ex Receipt Bank) Enterprise Applications Customers: 360000
No. of Dext (ex Receipt Bank) Cloud Customers: 360000
No. of Dext (ex Receipt Bank) Cloud Subscribers: 1000000
The total number of businesses using the platform is 360,000. The company currently has over 50,000 accountants and bookkeepers using its software globally.
Dext (ex Receipt Bank) Market Opportunities, M&A and Geo Expansions
Receipt Bank rebrands to Dext as it passed 1m users.
In January 2020, Receipt Bank raised a total of US $73million in equity and debt in a successful Series C funding round. The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC). Receipt Bank and its shareholders were advised by Harris Williams. The funds will be used to extend Receipt Bank's product suite, and continue rapid expansion in Europe, Australia and North America.
Dext (ex Receipt Bank) Risks and Challenges
In February 2019, Receipt Bank appointed Adrian Blair as CEO.
Dext (ex Receipt Bank) Ecosystem, Partners, Resellers and SI
In July 2020, Receipt Bank partnered with Futrli, a cash-flow forecasting app. The Futrli platform is the ideal pairing for Receipt Bank, taking the data created and turning it into genuinely actionable insights about the business's performance and prospects that can inform any decisions that need to be made.
Receipt Bank also has partnership with companies providing accounting software such as: Xero, QuickBooks and Sage.
Dext (ex Receipt Bank) Cloud Infrastructure Insights
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- Dext (ex Receipt Bank) Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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