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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Amex Ventures made a strategic investment in Seattle accounting software startup Lockstep on August 11, 2021. The investment amount was not disclosed. Lockstep said it was the final investment in its A+ round, which brought the company’s total funding since inception to $17 million.
What Lockstep built
Lockstep developed cloud software to connect businesses’ accounts receivable (AR) and accounts payable (AP) work. The platform was designed to integrate with cloud-based and on-premise enterprise resource planning (ERP) and accounting systems, then automate workflows, bookkeeping, payments, and data sharing between trading partners.
In its August 2021 announcement, Lockstep said the platform processed more than $2.5 billion in invoices per month across four million accounting departments. Those are company-reported figures from 2021, not independently verified current metrics. In its February 2021 Series A announcement, Lockstep said it integrated with more than 40 ERP and accounting solutions.
How the investment fit Lockstep’s funding history
The Amex Ventures investment was part of Lockstep’s A+ round, which followed a separate $10 million Series A announced in February 2021. That Series A was led by Point72 Ventures, with Clocktower Ventures and Revel Partners participating. Lockstep said the later A+ round brought funding since inception to $17 million.
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Neither the $10 million Series A nor the $17 million cumulative total identifies the size of Amex Ventures’ investment. Lockstep’s announcement did not disclose Amex’s check size, and contemporaneous coverage by GeekWire also described the amount as undisclosed.
Lockstep said it planned to use the new funding to expand its product, engineering, and marketing teams.
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Why Amex Ventures invested
The rationale described publicly centered on connecting AR and AP departments and helping businesses manage payments, cash flow, and working capital. Lindsay Fitzgerald, then a managing director at Amex Ventures, said: “By connecting Accounts Receivable and Accounts Payable departments, Lockstep empowers companies to efficiently control their payments, cash flow, and working capital.”
The investment also aligned with Amex Ventures’ stated interests. Its business focus includes B2B commerce and technology addressing manual B2B payment workflows, while its enterprise technology focus includes applications and software intended to improve productivity and growth. That strategic fit does not, by itself, establish a specific commercial partnership between Lockstep and American Express.
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On August 16, 2022, Sage announced that it had agreed to acquire Lockstep. Sage described Lockstep as a provider of cloud-native technology for automating accounting workflows between companies, including AR/AP applications and an API platform. Sage said the acquisition would broaden its small-business offering and expand its digital network. The announcement established an agreement to acquire Lockstep; it does not, on its own, establish deal-closing details or current product availability.
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The announcements behind the funding story
- Lockstep’s August 11, 2021 announcement described the Amex Ventures investment, the A+ round, intended hiring, and the company’s reported invoice and accounting-department metrics.
- Lockstep’s February 3, 2021 Series A announcement reported the $10 million round and more than 40 integrations.
- Sage’s August 16, 2022 announcement reported an agreement to acquire Lockstep.
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