FreshBooks

About FreshBooks

Financials

Dated, source-cited figures. Estimates are marked.

Products by FreshBooks

All products by FreshBooks reviewed by our AI panel of experts.

FreshbooksAI Accounting

Invoicing and accounting software built for small businesses

From $7/mo6.7/10

How Our Review Panel Scores FreshBooks

Six independent reviewer personalities assessed FreshBooks's product on their own terms. They disagreed by 1.2 points — The Skeptic was the hardest to convince, The Power User the most positive.

Averaged across 1 reviewed product in our catalog. Scores are out of 10.

Competitive Landscape

Who FreshBooks competes with, and how they differ.

QuickBooks8.2/10

QuickBooks (Intuit) is the dominant incumbent with a much broader ecosystem (payroll, tax filing, app marketplace); FreshBooks stays narrower, purpose-built around invoicing and time tracking for service-based businesses.

1 product reviewed on TopReviewed

Wave6.7/10

Wave offers a free core accounting product monetized through payments and payroll, undercutting FreshBooks' subscription-first model for the most price-sensitive freelancers and solopreneurs.

1 product reviewed on TopReviewed

Xero

Xero grows primarily through the accountant/bookkeeper partner channel, versus FreshBooks' direct-to-freelancer and small-agency marketing.

Zoho Books8.0/10

Zoho Books is bundled inside Zoho's much larger business suite (CRM, HR, etc.), competing on cross-product bundling rather than FreshBooks' specialization for freelancers and small agencies.

1 product reviewed on TopReviewed

Company Timeline

Key milestones in FreshBooks's history, with sources.

1. Mar 20, 2025Funding

   Senior debt financing -- $125M from Morgan Stanley

   Morgan Stanley Investment Management (Expansion Capital and Private Credit funds) provided FreshBooks $125 million in senior debt financing to refinance existing debt and fund growth.

   morningstar.com
2. Oct 7, 2021Acquisition

   Acquired German fintech FastBill

   FreshBooks acquired FastBill, one of Germany's leading cloud accounting and invoicing platforms, to accelerate its European expansion.

   betakit.com
3. Aug 9, 2021Funding

   Series E -- $80.75M equity + $50M debt, unicorn valuation

   FreshBooks raised $80.75 million in Series E funding led by Accomplice plus $50 million in debt financing, pushing its valuation over $1 billion; J.P. Morgan, Gaingels, BMO and Barclays also participated.

   techcrunch.com
4. Sep 23, 2020Acquisition

   Acquired Mexican e-invoicing company Facturama

   FreshBooks acquired Facturama, a Mexico-based e-invoicing platform serving 19,000+ customers, to expand into Spanish-speaking markets.

   globenewswire.com
5. Aug 7, 2019Funding

   Strategic investment from JPMorgan Chase

   JPMorgan Chase made a strategic investment in FreshBooks and joined its board of directors, described by the company as its most significant investment to that point.

   globenewswire.com
6. Jul 18, 2017Funding

   Series B -- $43M led by Georgian Partners

   FreshBooks raised $43 million (C$57M) in Series B funding led by Georgian Partners, with Accomplice and Oak Investment Partners also participating; Georgian's Simon Chong joined the board.

   techcrunch.com
7. Jul 23, 2014Funding

   Series A -- $30M led by Oak Investment Partners

   FreshBooks raised its first institutional round, $30 million led by Oak Investment Partners with Atlas Venture and Georgian Partners, after a decade of being self-funded.

   theglobeandmail.com
8. 2003Founded

   Founded in Toronto by Mike McDerment

   Mike McDerment coded the original invoicing tool while running a small design agency in Toronto; it became the foundation of FreshBooks, which was bootstrapped for its first decade.

   theglobeandmail.com