Toronto-based expense management startup Sensibill has been bought by Q2 Holdings, an Austin, Texas-based company that provides digital solutions for banking and lending.
The financial terms of the deal, which closed on October 3, were not disclosed.
Founded in 2013, Sensibill provides a software platform to small and medium-sized businesses to help them automate and streamline expense management. Q2 is publicly traded on the New York Stock Exchange under the symbol ‘QTWO,’ and works with banks, credit unions, altnertive finance, and FinTech companies to develop digital banking and lending solutions.
Q2 noted that its acquisition of Sensibill “complements” the capabilities of its end-to-end commercial banking suite and “bolsters” its ability to provide actionable insights to “help financial institutions operate their business, secure their customers, personalize experiences, and drive deeper engagement.” Q2 seemed particularly interested in Sensibill’s SKU-level data and machine learning capabilities.
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“Delivering differentiated and personalized experiences through the digital channel is a top priority,” said Kirk Coleman, chief banking officer of Q2. “Sensibill’s solution enables financial institutions to better understand the spending behaviors of their account holders, positioning them to deliver tailored products and services, drive loyalty and increase engagement.”
Sensibill also brings to Q2 an array of notable financial customers. As of January, Sensibill noted that it’s client based spanned community financial institutions like AbbyBank, Leaders Credit Union, and SkyPoint Federal Credit Union to Chase Bank, which is a top United States-based bank.
Over its nine-year history, Sensibill had raised more than $57 million, according to Crunchbase data. Its most recent financings were debt, spanning the last two years. Prior to that, Sensibill secured $41 million CAD in a Series B funding round in 2019 led by Radical Ventures. Other participants in that round includes Information Venture Partners, First Ascent Ventures, and National Bank of Canada’s venture fund. Sensibill’s investor list also includes Impression Ventures and the Canada Pension Plan Investment Board.