Aiwyn has secured $113m in funding from KKR and Bessemer Venture Partners to enhance its accounting technology platform.
The funding will support Aiwyn’s goal of evolving its payments and collections suite into a comprehensive practice management platform, incorporating artificial intelligence and cloud technologies.
Currently, Aiwyn claims to serve 130 of the top 500 Certified Public Accounting (CPA) firms with its automation software, which is designed to streamline the revenue management lifecycle.
The company’s product automates manual payments, collections, and reconciles payments and invoices, enhancing the client experience for CPA firms and their end-clients.
Aiwyn plans to use the investment to create a universal client experience portal.
This portal will allow CPA firm clients to access all their engagements through one interface.
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By GlobalDataAdditionally, the funding will accelerate Aiwyn’s product development, including the creation of an advanced tax solution.
This initiative aims to bring the full capabilities of AI and cloud technologies to the accounting sector, transforming how firms manage their operations, the company said.
Aiwyn chairman and CEO Justin Adams said: “With this investment, we are poised to redefine how firms manage their operations from the CRM to the General Ledger while setting a new benchmark for client experiences.
“For too long, firms have had to decide between a legacy vendor or modern point solutions. We are proud that Aiwyn is a trusted platform for CPA firms.”
KKR technology growth team principal Jackson Hart said: “The accounting industry represents a large market that has long been served by legacy players. Aiwyn is solving a clear functionality gap in the market with a solution that is easily adopted and rapidly delivers tangible enhancements to the customer experience, most noticeably through significant reductions in days sales outstanding.”
In September 2024, Aiwyn launched PracticeOS, a cloud-based platform designed to streamline accounting firm operations.
This platform automates tasks such as engagement letters, project management, time tracking, billing, invoicing, and payment collection, optimising the work-to-cash cycle for firms.
