FreshBooks, the North American small business accounting software company, has announced that JPMorgan Chase has made a strategic investment in the company.
Since 2004, FreshBooks says it has helped more than 20 million people and established itself as an accounting software platform for small businesses and self-employed professionals.
Mike McDerment, CEO and co-founder at FreshBooks, commented: “We see a significant opportunity to combine the strength and scale of JPMorgan Chase’s banking and payments capabilities with FreshBooks’ expertise in software design to create mass adoption for small businesses, and propel us closer to achieving that world.”
Bill Clerico, head of SMB Product for Chase Merchant Services and CEO of WePay, the integrated payments business of JPMorgan Chase, added: "Helping software companies like FreshBooks grow by serving our small business customer base is a key differentiator for us in the fast-growing integrated payments market.”
The investment from JPMorgan Chase follows two previous institutional funding rounds for FreshBooks, including a US$30m Series A funding round in July 2014, and a US$43m Series B funding round in July 2017.
As part of the investment, a JPMorgan Chase representative will be joining FreshBooks’ board of directors.
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