FreshBooks secures strategic investment from JPMorgan Chase

Toronto-based accounting software provider FreshBooks has raised an undisclosed strategic investment from JPMorgan Chase & Co (NYSE: JPM), a U.S. financial services firm. Led by CEO Mike McDerment, Freshbooks provides invoicing, time-tracking, expense management, online payments and other tools to small businesses and self-employed professionals. It currently has customers in 160 countries. Bill Clerico, CEO of WePay, a JPMorgan Chase payments affiliate, said the deal will support FreshBooks' growth while also serving his company's small business clientele. FreshBooks previously secured nearly $100 million in a 2017 Series B financing led by Georgian Partners and a 2014 Series A led by Oak Investment Partners.

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