Q2 Holdings acquires VC-backed digital receipt manager Sensibill

• Sensibill also received debt financing from CIBC Innovation Banking, the technology lending arm of CIBC
• Sensibill enables small and medium-sized businesses to automate and streamline expense management
• INFOR served as financial advisor to the company

Austin, Texas-based financial experience company Q2 Holdings has acquired Sensibill, a Toronto-based solution for banks and financial institutions to collect, synthesize and action customer spend data. No financial terms were disclosed.

Sensibill, founded in 2013, was backed by Canadian venture capital firms Radical Ventures, Information Venture Partners, First Ascent Ventures, Impression Ventures, Mistral Venture Partners and others. It also received debt financing from CIBC Innovation Banking, the technology lending arm of Canadian bank CIBC.

Sensibill enables small and medium-sized businesses to automate and streamline expense management, which can help financial institutions increase engagement with this critical customer base.

“Delivering differentiated and personalized experiences through the digital channel is a top priority,” said Kirk Coleman, chief banking officer of Q2, in a statement. “Sensibill’s solution enables financial institutions to better understand the spending behaviors of their account holders, positioning them to deliver tailored products and services, drive loyalty and increase engagement. Everyone at Q2 is excited to welcome the talented Sensibill team.”

“We are excited to join the Q2 team to make financial wellness more attainable for all,” said Corey Gross, co-founder and CEO of Sensibill. “Q2 is a recognized leader in digital banking and lending and, by joining forces, we will empower more financial institutions and fintechs with greater insights into their account holders’ spending habits, helping them manage their businesses better and supporting their financial wellbeing.”

INFOR Financial Group served as financial advisor to Sensibill.