MENLO PARK, Calif., May 8, 2025 /PRNewswire/ — Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to venture and non-venture-backed companies seeking an alternative to raising equity, today announced a recently originated $40 million senior secured term loan to Autobooks, a financial technology innovator providing integrated payment, invoicing, and accounting solutions specifically tailored for small and medium sized businesses. The capital investment will support Autobooks’ continued expansion, including Autobooks’ recently announced acquisition of Allied Payment Network, a provider of integrated flexible payment solutions. The acquisition is a strategic move that broadens Autobooks’ platform capabilities and deepens its integration with financial institutions looking to offer small and medium sized businesses a comprehensive suite of solutions to meet their needs.
Founded in 2015 and headquartered in Detroit, Michigan, Autobooks delivers seamless financial management solutions to small business owners by embedding invoicing, payment acceptance—including in-person, online, and contactless transactions via Tap to Pay on iPhone—and bookkeeping capabilities directly into the online and mobile channels of banks and credit unions. The acquisition of Allied Payment Network expands these capabilities by adding robust bill payment and disbursement infrastructure to Autobooks’ suite of embedded services.
Under the leadership of co-founder and CEO Steve Robert, Autobooks has achieved substantial milestones, including consecutive recognition on Inc. 5000‘s list of fastest-growing private companies in America, ranking No. 258 in 2022 and No. 249 in 2023. Autobooks recently relocated its headquarters to 1505 Woodward Avenue in downtown Detroit, underscoring its commitment to contributing to the city’s thriving technology sector.
“Autobooks’ robust growth and approach to empowering small businesses via direct integrations with leading financial institutions is truly innovative and aligns well with Runway’s investment philosophy,” said Jeff Goldrich, Managing Director of Technology at Runway Growth Capital. “Our financing supports their ongoing platform growth and key strategic initiatives such as the Allied Payment Network acquisition, which we believe positions them as a critical partner for virtually any institution within the banking ecosystem that intends to serve the SMB market.”
“Financial institutions want to deliver more value to their business customers — and they want to do it within the banking experience. By acquiring Allied Payments, we’re bringing together receivables, payables, and accounting in a way that’s never been done before,” said Steve Robert, co-founder and CEO of Autobooks. “This is more than a product expansion — it’s the next step in our mission to help financial institutions compete by offering small businesses the tools they need to succeed. We’re grateful to have the support of Runway Growth Capital as we execute on this vision and continue to build a platform that meets the evolving needs of small businesses and their banking partners.”
Autobooks‘ acquisition of Allied Payment Network strengthens its embedded finance offerings by adding real-time bill pay and digital disbursement solutions, reinforcing its position as a comprehensive small business banking platform. Runway’s financing reflects its ongoing commitment to supporting promising technology companies with tailored capital solutions, enabling them to scale effectively with minimal dilution.
