Aiwyn Secures $113M in Funding from KKR and Bessemer Venture Partners to Revolutionize Firm Operations and Tax Technology for Leading CPA Firms
Aiwyn, a trusted technology partner for top Certified Public Accounting ("CPA") firms, today announced the successful close of a $113M funding round. This landmark investment, led by leading global investment firm KKR and Bessemer Venture Partners underscores Aiwyn's leadership in the accounting technology sector.
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Today, Aiwyn serves 130 of the top 500 CPA firms as a leading provider of automation software designed to streamline the full revenue management lifecycle for accounting firms. Aiwyn's current product creates an exceptional client experience for CPA firms by automating manual payments and collections workstreams and reconciling payments and invoices for both CPAs and their end-clients.
"Aiwyn is committed to empowering CPA firms to elevate their operations and client relationships," said Justin Adams, Chairman & CEO of Aiwyn. "With this investment, we are poised to redefine how firms manage their operations from the CRM to the General Ledger while setting a new benchmark for client experiences. For too long, firms have had to decide between a legacy vendor or modern point solutions. We are proud that Aiwyn is a trusted platform for CPA firms."
The new funding will support Aiwyn's vision to evolve its payments and collections suite into a comprehensive practice management platform. This includes the creation of the industry's first universal client experience portal, enabling CPA firm clients to access all their engagements in one seamless interface. The investment will also enable Aiwyn to accelerate product development, bringing the full capabilities of AI and cloud technologies to the sector by building out both a comprehensive practice management platform as well as a cutting-edge tax solution that is currently in development.
"The accounting industry represents a large market that has long been served by legacy players. Aiwyn is solving a clear functionality gap in the market with a solution that is easily adopted and rapidly delivers tangible enhancements to the customer experience, most noticeably through significant reductions in days sales outstanding," said Jackson Hart, a Principal on KKR's Technology Growth team.
"We were also impressed by Aiwyn's Net Promoter Score, which is a testament to the unmatched value Aiwyn delivers to their clients, as well as the deep trust they've earned in the market. We believe Aiwyn is well-positioned to continue to improve the lives and operations of their customers as they transform the way leading CPA firms do business," added Ben Pederson, a Director on KKR's Technology Growth team.
Jeremy Levine, Partner at Bessemer, said: "Aiwyn's product suite is already quite impressive, but the company is really just getting started on its quest to deliver compelling technology to the accounting industry."
This funding round highlights the alignment of Aiwyn's mission to empower accountants with the tools they need to thrive. By offering scalable, future-proof solutions, the company aims to shape the future of firm operations and tax technology and put trust into technology for firms and their clients.
KKR is funding this investment primarily from its Next Generation Technology III Fund.
Cooley LLP served as legal advisor to Aiwyn, Latham & Watkins LLP served as legal advisor to KKR and Arnold & Porter Kaye Scholer LLP served as legal advisor to Bessemer.
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