FreshBooks is a Toronto-based SaaS provider of cloud accounting software built for service-based small and medium-sized businesses, with a focus on the U.S. and Canadian markets. The company is described as one of the leaders in cloud-based accounting software for small businesses. Its platform serves as a core operating system for customers, handling invoicing, payments, time tracking, and payroll processing. The announced financing will refinance existing debt and is expected to fuel the company’s continued growth. Morgan Stanley said FreshBooks benefits from secular tailwinds such as digital transformation and payments digitization. CEO Shaheen Javadizadeh noted the company looks forward to leveraging Morgan Stanley Expansion Capital and Private Credit’s expertise in its next chapter of growth. FreshBooks offers an owner-first accounting platform used by businesses of all sizes to manage finances, billing, payments and client engagement. The company reports paying customers in more than 160 countries and operates offices in Canada, Croatia, Germany and Mexico. Led by CEO Don Epperson, FreshBooks takes an easy-to-use approach to accounting and financial management. The company has grown via acquisitions, including Germany-based Fastbill and Mexico-based Facturama. FreshBooks is pursuing rapid global expansion and intends to invest in more regulated markets. Its recent financing activity supports strategic growth and M&A plans. FreshBooks offers a cloud-based accounting platform that handles invoicing, expenses, payments, payroll and financial reporting for small business owners and self-employed professionals. The company says it has served more than 30 million people across over 160 countries and was bootstrapped for its first decade. FreshBooks operates with roughly 500 employees across Canada, Croatia, Mexico, the Netherlands and the United States and hired over 100 people in the past year. The company entered Latin America by acquiring Mexico-based e-invoicing firm Facturama in September 2020. Leadership shifted in 2019 when Don Epperson joined as executive director and he became CEO this year while co-founder Mike McDerment remains executive chair. FreshBooks plans to use new capital for sales and marketing, R&D and strategic acquisitions, and to invest in regulated markets and simpler workflows to help owners meet tax and invoice compliance requirements. FreshBooks is a Toronto-based accounting software provider for small businesses and self-employed professionals. Founded in 2004 by CEO Mike McDerment, the company offers invoicing, time-tracking, expense management, online payments, bank reconciliation and double-entry accounting. Its platform integrates with G Suite, Slack, Gusto, HubSpot, Shopify, MailChimp, Zendesk, MileIQ, Proposify, Trello, Basecamp, Asana and more. The company has paying customers in 160 countries. FreshBooks says it will use the funds from the strategic investment to continue expanding operations and its business reach. The firm previously raised a $30M Series A in July 2014 and a $43M Series B in July 2017; the current investment amount was not disclosed. FreshBooks is a Toronto-based provider of cloud accounting software for service-based small business owners and independent professionals. Led by co-founder and CEO Mike McDerment, the platform offers invoicing, time tracking, and expense management features. More than 10 million people across 160 countries use the product. The company plans to use the Series B proceeds to accelerate growth in North America and continue platform innovation for billing, reporting, accounting, and partner integrations. FreshBooks previously raised USD$30M (CDN$40M) in institutional funding in July 2014.

Total raised

$431M

Funding rounds

7

Latest round

Debt Financing

Latest activity

Mar 2025