Championing the future of work.

Sensibill Demo, BankAI 2019



Company Website:

Product Name:

Receipts by Sensibill

Company Description:

Sensibill provides digital banking solutions that foster stronger relationships between financial institutions and their customers. The company’s AI-powered spend management tools help customers make sense of their purchase behavior and their cash flow, while unlocking revenue-driving insights for the banks that offer the solution. Founded in 2013 and headquartered in Toronto, Sensibill counts the largest banks in the U.S., the U.K., and Canada among its partners, and serves more than 10 million customers to date. To find out more, visit

What does your product solve?

Managing receipts was cited as the #1 pain point for small business owners and independent workers, with the vast majority reporting that they employ manual methods to manage their basic accounting. In fact, it was found that this group forfeits 30% of their tax claims due to lost receipts!

Enter Sensibill.

We built a solution that offers an “autopilot” for small business’ receipt management needs so that they can free up time to focus on actually running their business. Sensibill’s solution lives within mobile banking applications, marrying accounting data with banking data for a holistic overview of financials, and improved budgeting and forecasting. Users can quickly capture, store and tag receipts using their mobile banking app––for free––and access them on-the-go as needed. Our solution also itemizes receipts, categorizes expenses, and reconciles records with bank statements, effectively automating the most time-consuming aspects of a small business’ accounting workflow.

For banks, our solution is key to helping them build capture the loyalty of small business owners and self-employed professionals--the fastest growing segment of the workforce. In fact, the self-employed segment has been growing 6x faster than traditional employment. Still, it remains fundamentally underserved by financial institutions. Open Banking and PSD2 are upending the banking industry, introducing digitally savvy “challenger banks” vying to fill market gaps. Financial institutions need to move beyond a one-size-fits all approach, and offer solutions, like Receipts, that target this lucrative segment and addresses their needs.

Beyond Receipts’ ability to build trust between SMEs and their banks, it also provides a valuable source of data for banks. Since this solution lives within the bank’s ecosystem, our partners receive rich purchase data about their customers. This item-level data offers insight into customer’s lifestyle and preferences, which can be used to target marketing efforts and cross-sell/up-sell products. It also offers insight into payment methods, such as cash, cheque, or gift cards. This also means that if a customer were to make a purchase using a competitor’s card, our partner bank could use the intel to migrate spend on to their own cards through targeted incentives. With the advent of Open Banking, transaction data has become commoditized so being able to offer our partners an alternative source of information about their customers is advantageous.

Best Success Story:

We’re always striving to improve the accuracy of our Machine Learning algorithms to serve our customers and users better. In 2018 we introduced our Multi-Brain approach, which led to huge accuracy gains. The Multi-Brain combined various optical character recognition systems with various machine learning frameworks, which optimized the image processing for every receipt. On initial launch, this system improved out accuracy by 10%, and has only been fine-tuned and improved since then.

What makes your company or product great?

By leveraging innovative technology to extract data from receipts, we’ve built a creative solution to the age-old problem of receipt management. Sensibill’s mission is to help small businesses and self-employed professionals save time on tedious administrative tasks so that they can focus on growing their businesses.

From the beginning, Sensibill’s founders, Corey Gross and Jamie Alexander, had a vision of partnering with financial institutions and delivering our product right in their mobile banking apps. At a time when banks and fintechs saw each other as adversaries, Sensibill pursued mutually beneficial partnerships. Our success with this approach solidified our reputation for delivering to these complex clients, and has led the way for other fintechs to work with banks.

Early on, Sensibill saw the rising trend of independent workers, and began tailoring our solution to address the needs of this growing segment. Digital banking services for small businesses are underdeveloped, and traditionally low-priority for banks. However, in 10 years, self-employed professionals and small businesses will outnumber salaried workers. The way that people work is changing, and Sensibill recognized the workforce of the future will have different banking needs as well.

Small businesses and self-employed professionals need banking partners that can help them grow their business. Our solution allows financial institutions to engage and establish a relationship with this neglected segment by addressing their #1 pain point: receipt management. Our solution saves users hours every week by helping them capture, store, categorize, and reconcile records. It also allows our bank partners to access all the rich item-level data that’s found on receipts, and use it to personalize the small business banking experience.