Customers can then store, itemize and categorize the data using their smartphones and export it to other files where they keep their records. “Lots of previous tech tools we saw in this space don’t work incredibly well; they can take a static image but not scrape the data and present it back,” said Alterna CEO Robert Paterson, whose institution offers the receipt tracking to its 180,000 customers for free, with about one-third signing up. “Sensibill actually works,” he said, adding it accurately ports in the data more than 90 per cent of the time, and when receipts are in good condition it works “almost 100 per cent” (customers can manually enter the data when the software can’t detect it.
Radical Ventures leads $31. Sensibill Inc. , a Toronto startup that provides digital receipt management technology to banks has raised US$31. 5-million in venture financing, marking the fifth time in less than a month that a Canadian startup has raised $30-million-plus in financings led by Canadian investors. “There is a significant cohort of companies on a trajectory [to be worth billions of dollars].
In addition to providing new services to their customers, banks are attracted to the technology because it gives them a deeper understanding of their customers’ spending habits, enabling them to more effectively service or market products to them, said David Unsworth, general partner with IVP. “Nowhere in the world does cash, credit and debit data all collide in the same place other than receipts,” he said. “You’re now able to capture all that data and do interesting things with it.
Gross said his company never gets access to financial or customer data, and hired seasoned senior tech executives early on to guide its delivery of enterprise-grade software, including chief architect Rick Hill, a former senior software architect with Microsoft, and several ex-IBM executives, including chief operating officer Izabella Gabowicz. “Selling to banks can be slow and difficult, especially if you are a startup,” said Mr.
It enables clients of its 40-plus customers, including Bank of Nova Scotia, Ottawa credit union Alterna Savings & Credit Union, Royal Bank of Scotland and two of the top 10 U. S. banks, to snap photos of receipts on their smartphones and extract relevant data from the images using artificial intelligence that can pick out letters and numbers from images.