Business
Runway Growth Capital Announces $40 Million Investment in Autobooks to Accelerate Strategic Growth, Including Its Acquisition of Allied Payment Network
The funding will enable Autobooks to expand its market presence, enhance its integrated financial technology solutions, and support its strategic growth
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"The funding will enable Autobooks to expand its market presence, enhance its integrated financial technology solutions, and support its strategic growth initiatives.\nMENLO PARK, Calif., May 8, 2025 /PRNewswire/ -- Runway Growth Capital LLC (\"Runway\"), a leading provider of growth loans to venture and non-venture-backed companies seeking an alternative to raising equity, today announced a recently originated $40 million senior secured term loan to Autobooks, a financial technology innovator providing integrated payment, invoicing, and accounting solutions specifically tailored for small and medium sized businesses. The capital investment will support Autobooks' continued expansion, including Autobooks' recently announced acquisition of Allied Payment Network, a provider of integrated flexible payment solutions. The acquisition is a strategic move that broadens Autobooks' platform capabilities and deepens its integration with financial institutions looking to offer small and medium sized businesses a comprehensive suite of solutions to meet their needs.\n\n \n \n \n \n \n \n\n \nFounded in 2015 and headquartered in Detroit, Michigan, Autobooks delivers seamless financial management solutions to small business owners by embedding invoicing, payment acceptance—including in-person, online, and contactless transactions via Tap to Pay on iPhone—and bookkeeping capabilities directly into the online and mobile channels of banks and credit unions. The acquisition of Allied Payment Network expands these capabilities by adding robust bill payment and disbursement infrastructure to Autobooks' suite of embedded services.\nUnder the leadership of co-founder and CEO Steve Robert, Autobooks has achieved substantial milestones, including consecutive recognition on Inc. 5000's list of fastest-growing private companies in America, ranking No. 258 in 2022 and No. 249 in 2023. Autobooks recently relocated its headquarters to 1505 Woodward Avenue in downtown Detroit, underscoring its commitment to contributing to the city's thriving technology sector.\n\"Autobooks' robust growth and approach to empowering small businesses via direct integrations with leading financial institutions is truly innovative and aligns well with Runway's investment philosophy,\" said Jeff Goldrich, Managing Director of Technology at Runway Growth Capital. \"Our financing s...