Welcoming Sensibill to FinTech Connect!
Sensibill works with innovative financial institutions to help small businesses and freelancers manage paper and digital receipts. The solution integrates with digital banking channels to drive net new engagement in online and mobile banking. The service is white-labeled, designed to meet bank requirements, and live with global financial institutions today.
Year Founded: 2013
How did the idea for the business originate?
The company was founded in 2013 by Corey Gross and Jamie Alexander at the Ryerson DMZ incubator. Corey and Jamie shared a vision: To help banks reach the underserved small business and freelance segments by solving their number one pain point, receipt management.
The solution was prototyped and designed in partnership with the Royal Bank of Canada, making it one of the few fintech solutions that was built specifically for banks at the time. This was a unique business model at a time when banks and fintechs largely saw each other as rivals. Our success with this approach solidified our reputation for delivering to these complex clients.
Do you have customers yet? If not, how far into your business lifecycle are you?
Sensibill’s receipt management solution has been live with Tier 1 financial institutions since 2014. Some of the brands we work with include the Royal Bank of Scotland, Scotiabank, TD, and more, as well as working with channel partners to distribute our solution to smaller community banks in the U.S.
How have you funded your growth to date?
Sensibill has raised $20 million dollars, including a $17 million Series A funding round in 2017 that was one of the biggest to come out of Canada at the time. We also fund our growth using our sustainable revenue model.
What would a successful year look like for you?
In 2018, our receipt management solution went live with the Royal Bank of Scotland, first in their Small Business Banking accounts and then in their Premier offerings. We also opened our first UK office in London. Sensibill has ambitious goals for 2019. One that we’re working on specifically is scaling our product and expanding to new geographies. A successful 2019 would include building out our team to support our growth and going live with new partners around Europe and beyond.
Outside of your own business, which start up do you admire the most and why?
Shopify is a great example of a start-up that started here in Toronto (their headquarters are actually right next to ours) and gained international traction. While we operate in different spaces, it’s inspiring to see Canadian companies grow beyond our borders.