Toronto-based Sensibill has partnered with Chase Bank to provide the bank’s customers with its digital receipt management solution.
The partnership will allow Chase mobile banking users to make returns, submit warranties and expenses, track spending, and manage their financial health. Through a progressive rollout, Sensibill’s solution will be available within the Chase Mobile app to all of its 38 million active mobile users later this year.
Sensibill’s solution will be available within the Chase Mobile app to 38 million mobile users later this year.
“Chase has created a digital banking experience that makes it easier for consumers and businesses to manage their finances,” said Corey Gross, co-founder and CEO at Sensibill. “Through our partnership with Chase, millions of customers will have access to a best-in-class product that solves the hassle of expense and receipt management.”
The partnership comes two months after Sensibill conducted team layoffs and restructured financially, in relation to the effects of COVID-19. The company previously declined to comment on the layoffs or the restructuring, but one source told BetaKit the layoffs represent approximately one-fifth of the company’s overall workforce.
RELATED: Following layoffs, Sensibill secures $5 million in debt financing
About one month after the layoffs, it was announced that Sensibill had secured $5 million in debt financing from CIBC Innovation Banking. At the time, Sensibill also declined comment on the funding.
Founded in 2013, Sensibill’s software uses machine learning to identify and extract unstructured text from receipts and return structured data in the form of a digital receipt. The technology allows banks and credit unions to provide their customers with better integrated financial management.
Sensibill is backed by Radical Ventures, Information Venture Partners, First Ascent Ventures, and Impression Ventures, and raised a $41 million CAD ($31.5 million USD) Series B in July 2019. The company also has partnerships with United Kingdom-based Metro Bank as well as Scotiabank.
Image source Sensibill via Facebook.