Progress Bank, a $1.4 billion asset financial institution that serves businesses in Alabama and the Florida panhandle, has teamed up with Sensibill to offer its digital receipt management solution to its business customers. Sensibill leverages AI and machine learning to provide SKU-level transaction data to help businesses better manage their finances and enable banks to better customize offerings to their business customers.
“We have long been dedicated to providing a seamless, convenient experience for our busy business customers, and partnering with Sensibill directly supports that strategy,” Progress Bank SVP of Operations, Finance, and Technology Randy Tidwell said. “With Sensibill, we are modernizing and digitizing receipt and expense management, a traditionally cumbersome and time-consuming process. This ultimately helps our customers save time, reduce stress, and manage their personal and business finances more easily. As businesses look to navigate the pandemic’s lasting impacts, digital tools like these become even more critical to provide meaningful support.”
Progress Bank sees the addition of Sensibill’s technology as a way to reach out to businesses that cannot or prefer not to visit a branch. Progress Bank will run Sensibill’s solution via its FIS Digital One platform, enabling its business customers to capture and store receipts on their digital banking apps. Once digitized, receipt data can be readily analyzed to track spending and better manage overall finances.
“Relationship-focused institutions like Progress Bank understand the importance of providing customers with quick and intuitive digital tools to help them better manage everyday spend,” Sensibill CEO and co-founder Corey Gross said. “By leveraging our technology, the bank’s customers eliminate the time and hassle of keeping up with and analyzing paper receipts, leading to easier tax seasons and expense management.”
Toronto, Ontario, Canada-based Sensibill earned a Best of Show award in its Finovate debut at FinovateFall 2017. The company returned to the Finovate stage a year later for a demonstration in partnership with NatWest. Since then, Sensibill has partnered with JPMorgan to have its technology integrated into the Chase mobile banking app. The firm has also collaborated with Metro Bank, which went live with Sensibill’s digital receipt management solution over the summer. More recently, Sensibill earned a spot on The Globe and Mail’s Top Growing Companies in Canada list for 2020.
Founded in 2013, Sensibill has raised more than $55 million in funding from investors including Radical Ventures, Information Venture Partners, and First Ascent Ventures.