Aiwyn, a leading provider of accounting technology, has recently announced that it has secured $113 million in funding from KKR and Bessemer Venture Partners. This investment will be used to enhance Aiwyn’s payments and collections suite, incorporating artificial intelligence and cloud technologies to create a comprehensive practice management platform for Certified Public Accounting (CPA) firms. Currently serving 130 of the top 500 CPA firms, Aiwyn’s automation software streamlines revenue management processes, automating manual payments, collections, and reconciliations to improve the client experience.
With this new funding, Aiwyn plans to develop a universal client experience portal, allowing CPA firm clients to access all their engagements through one interface. Additionally, the investment will support the development of an advanced tax solution that leverages AI and cloud technologies to transform how accounting firms operate. Aiwyn’s chairman and CEO, Justin Adams, expressed his excitement about the opportunity to redefine how firms manage their operations and enhance client experiences.
KKR’s technology growth team principal, Jackson Hart, highlighted Aiwyn’s innovative approach to addressing functionality gaps in the accounting industry, noting the platform’s ability to improve customer experiences by reducing days sales outstanding. In September 2024, Aiwyn launched PracticeOS, a cloud-based platform designed to streamline accounting firm operations by automating tasks such as engagement letters, project management, time tracking, billing, invoicing, and payment collection.
The funding secured by Aiwyn will support the company’s ongoing efforts to revolutionize the accounting industry through the integration of advanced technologies and enhanced client experiences.
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