Dext Reveals Record Annual Growth as U.K. Fintech Expands into Canada

Dext recently announced its strongest year of growth yet, with revenues rising 20% year-over-year, driven by customer adoption in key markets such as Canada.

The UK-born Dext, a part of the IRIS Software Group since late last year, provides bookkeeping automation services.

The fintech applies AI and machine learning technology to simplify accounting processes and encourage smarter, more timely financial decisions.

The company’s algorithms have been trained on over one billion receipts and invoices. So far, the software has saved bookkeepers more than 35 million hours of data entry, according to an estimate from Dext, processing 30 million transactions monthly with accuracy above 99%.

Today, Dext is trusted by 700,000 businesses, including 75,000 customers across Canada and the US.

“This year is all about delivering the fullest value for Dext’s new and existing customers,” stated chief executive officer Sabby Gill.

Buoyed by the recent transaction with Iris, Dext now boasts “the largest software provider offering in the accounting space in the UK,” according to Gill.

But the company does not want to stop there. With crosshairs on Canada, the overseas fintech is “preparing for expansive growth in North America.”

“We’re looking ahead to another year of growth, globally, and continuing our investment in innovating our platform to deliver the best possible service to accountants and bookkeepers and small businesses owners alike,” Gill said.

Beyond growth, Dext announced a partnership with Square. Integration between Square and Dext allows the capture of sales transactions, bringing them into a consolidated view for bookkeeping and streamlining the data collection process for online and point-of-sale transactions.

“Our partnerships with industry leaders such as Dext are examples of the commitment Square is making to ensure our ecosystem is well-positioned to empower our accountant partners,” commented Andy Schwartz, Head of Accounting at Square. “This integration with Dext will simplify workflows and drive efficiency for our accountant partners and business owners.”

Dext launched in 2010 as Receipt Bank before rebranding in 2021.