Sensibill

Canada-based Sensibill offers a platform for financial institutions to manage digital receipts and stock-keeping unit-level (SKU) data, in order to better understand and serve their customers. This allows banks and credit unions to facilitate better financial management among their end customers while gaining insights on their spending and customizing offerings to suit them. Notably, Sensibill’s software uses machine learning to identify and extract unstructured text from receipts to provide analysis and insights.

As of May 2020, the company had partnered with around 75 financial institutions across North America and the UK. As of February 2021, its customers included large enterprises such as Natwest, Chase, Metro Bank, and Progress Bank. The company also reported that it had reached over 60 million users through its partners.

In May 2020, Sensibill raised USD 5 million in debt financing from CIBC Innovation Banking to invest in supporting its strategic growth plans. The funding was raised, following a restructuring in April 2020 when approximately one-fifth of its workforce was laid off.