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Dext (formerly Receipt Bank) is a UK-based financial technology company that develops cloud software for bookkeeping automation. The company focuses on replacing manual financial administration with automated data capture and analysis, enabling accountants, bookkeepers, and small businesses to dedicate more time to advisory and decision-making. Founded in 2010 in London, United Kingdom, the company develops artificial intelligence tools that enable businesses, accountants, and bookkeepers to capture, classify, and process invoices, receipts, and other financial documents. Dext became a subsidiary of IRIS Software Group following its acquisition in December 2024.[1]
History
editDext was founded in 2010 as Receipt Bank Ltd and registered as a private limited company in the United Kingdom.[2] In February 2021, the company rebranded from Receipt Bank to Dext, reflecting an expansion beyond receipt capture and a broader role in supporting accounting practices as advisors.[3] Later that year, private equity firm HgCapital Trust acquired a majority stake in Dext to accelerate international expansion.[4] On 3 December 2024, Dext announced that it would be acquired by IRIS Software Group,[5] with the transaction completing later that month.[1]
Products and Services
editDext’s platform automates the extraction, categorisation, and integration of financial documents including invoices, receipts, and bank statements. The company reports that its artificial intelligence technology achieves up to 99.5% accuracy in data extraction and has processed more than one billion financial documents.[1] The flagship product, Dext Prepare, focuses on document capture and automation. In 2020, the company acquired Xavier Analytics, which it rebranded as Dext Precision.[3] It also launched Dext Commerce, aimed at simplifying e-commerce data processing.[6] In 2025, Dext announced that these offerings would be unified into a single integrated platform, reflecting its emphasis on scalability and integrated bookkeeping workflows.[6]
Corporate Structure and Leadership
editDext operates under the legal entity DEXT SOFTWARE LIMITED, incorporated on 31 August 2010.[2] In October 2022, Sabby Gill was appointed Chief Executive Officer.[7] Other senior executives include Plamena Ganeva, Senior Finance Executive, and Stephen Edginton, Chief Product and Technology Officer.[7]
Market and Growth
editAs of early 2025, Dext reported serving more than 700,000 businesses and 12,000 accounting and bookkeeping firms globally.[1] Following the acquisition by IRIS Software Group, the combined companies supported around 27,000 firms.[1] In January 2025, the platform processed over 30 million transactions and more than 650,000 supplier statements.[8] The company also announced a 20% year-on-year revenue increase for the period.[8] In 2025, Dext expanded geographically through a strategic partnership with Scope Solutions.[8]
Funding and Investment
editBefore its acquisition by IRIS, Dext raised significant venture capital investment. PitchBook reports approximately US$125 million,[9] while Tracxn places the figure higher, at around US$144 million.[4]
Recognition
editIn 2024, Dext was named Xero Small Business App of the Year in both the UK and the US.[1] The company was also awarded Best Accounting and Pre-Accounting Specialists at the Worldwide Finance Awards 2023.[1]
References
edit- ^ a b c d e f g "IRIS completes Dext acquisition". IRIS Software Group. 16 December 2024. Retrieved 27 August 2025.
- ^ a b "DEXT SOFTWARE LIMITED overview - Companies House". Companies House. Retrieved 27 August 2025.
- ^ a b Evans, Tom (23 February 2021). "Receipt Bank rebrands as Dext". AccountingWeb. Retrieved 27 August 2025.
- ^ a b "Dext Company Profile". Tracxn. 27 July 2025. Retrieved 27 August 2025.
- ^ "IRIS announces intent to acquire Dext". Dext. 3 December 2024. Retrieved 27 August 2025.
- ^ a b "The evolution of Dext". Dext. 2025. Retrieved 27 August 2025.
- ^ a b "Our Company – Dext Leadership". Dext. Retrieved 27 August 2025.
- ^ a b c "Dext reports record growth, announces enhanced platform". Dext. 11 February 2025. Retrieved 27 August 2025.
- ^ "Dext Company Profile". PitchBook. Retrieved 27 August 2025.
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