American Express becomes a lead investor in Lockstep’s A Series Funding

As most of the accounting softwares are leveraging the power of cloud computing, maintaining a digital ledger has become the need of the hour. Businesses are looking forward to automated dashboards to keep a track on the accounting transactions. 

 

Lockstep, the digital leader in accounting software, has collaborated with American Express ventures to expand its business domain. American Express, the famous financial services company is known for its credit/ debit and online cheque card business.

 

American Express Ventures  has invested an undisclosed amount in Lockstep’s recent fundraise. Lockstep closed its Series A funding round on August 11, 2021. It raised $2.5 million prior to closing the round. Lockstep’s lead investors include Clocktower Technology Ventures, Revel Partners, Point72 Ventures, and Avid Ventures.

 

(Must Check: 9 Strategies To Streamline Your File Management Efforts)

 

 In total Lockstep has raised $12.5 million. Its first series A funding round took place on February 3, 2021. American Express is always on a lookout for business expansion.  Amex Express Ventures has made 14 investments in different companies. 

 

Abra, iZettle, Persado, Stripe, Ezetap are some of the companies Amex Ventures invested in the past. It has acquired 12 companies in the past. Cabbage, Loungebuddy, Cake Technologies, Mezzi and Sometrics are some of the big companies that are under the Amex umbrella.

 

Collaboration

 

The collaboration between the companies is a win-win situation. Amex will get the best of API Automation, Integration, Lockstop API, and AR Automation. Its unique integration platform allows businesses to unlock the power of accounting data. 

 

Its accounting software captures day to day enterprise activity to provide accurate analysis. 

 

As reported Daily Record,   Lindsay Fitzgerald, Managing Director at Amex Ventures. Said "Lockstep seeks to modernize businesses where it is needed most - accounting and finance departments,"  "By connecting Accounts Receivable and Accounts Payable departments, Lockstep empowers companies to efficiently control their payments, cash flow, and working capital.  We are pleased to support Lockstep in their mission to streamline corporate payments and reconciliation."

 

Lockstep is transforming the way enterprises maintain their records. It is providing new ways to give a stabilized push, it is lending help to companies in their working capital and cash flow management. Lockstep’s objective is to simplify the accounting process. Its software unifies different accounting departments and brings them under a single platform.