Canadian fintech Sensibill, which offers digital banking solutions, has raised $31.5m in a Series B funding round.

The latest round was led by AI-focused venture fund Radical Ventures. National Bank of Canada.

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The company’s existing investors Information Venture Partners and First Ascent Ventures also participated in the round.

Overall, Sensibill has raised a total of $46.5m until now.

Sensibill funding round: Background

Established in 2013, Sensibill delivers digital banking solutions to forge relationships between financial institutions and their customers.

Its portfolio of offering includes AI-powered spend management tools. These tools help the banks to procure deeper insights about customer behaviour.

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Sensibill co-founder & CEO Corey Gross said: “We’re helping champion the future of work. That means supporting small business owners, freelancers, and entrepreneurs–-they’re the fastest growing segment and the most underserved by banks.”

The company intends to use the proceeds aims to expand its operations as well as further develop its AI-powered tools.

Gross highlighted that the company aims to leverage AI-assisted decisioning to offer contextual advice to the customers.

Radical Ventures co-founder and managing partner Jordan Jacobs said: “We at Radical Ventures are proud to lead this investment in Sensibill. This is a classic story of an under-the-radar company from Toronto with fantastic data-driven, customer-facing AI solutions being used by a who’s who of global Tier 1 banks.

“We are very excited to help support Sensibill’s rapid growth as it transitions from successful startup into a global powerhouse.”