ScaleFactor Inc., an automated accounting and finance platform for the SMB market, announced it raised $60 million in Series C funding led by Coatue Management LLC. 

The Austin, Texas-based fintech provides a series of online and mobile applications to help businesses manage back-office finances, including everything from bookkeeping to payroll. The company said the new funding will be used to expand its Business OS capabilities and bring new products to SMBs. 

"Listening closely to our customers over the years, we've learned small business owners care about three factors above everything else: saving time, saving money and scaling their businesses," Kurt Rathmann, founder and CEO of ScaleFactor, said in a company release. "ScaleFactor has taken our collective experience and focused our entire model on addressing these needs directly to empower SMBs with technology and services that were formerly only available for large enterprises."

This new funding round included participation from returning investors, including Bessemer Venture Partners, Canaan, Broadhaven Ventures and Firebrand Ventures. The round also included several new investors, including Vulcan, Stripes Group and NextPlay Capital. 

The company has raised more than $100 million in the past year, including a $30 million Series B round in January led by Bessemer Venture Partners. 

Cover photo courtesy of ScaleFactor.