Intuit Buys London Fintech Sequence in a Reported $200 Million Deal

Another London fintech has found a buyer in the United States. Intuit, the company behind QuickBooks and TurboTax, has signed an agreement to acquire Sequence, a London-based startup that uses artificial intelligence to automate billing, payments and revenue management for software companies. The deal is reportedly worth around $200 million, according to The Times, although neither company has disclosed the financial terms.

Sequence was founded in 2021 and operates from London and New York. In just four years it built a tool that sits on top of a company's finance operations, chasing invoices, reconciling revenue and handling the messy middle of getting paid. Its customers include fast-growing software firms such as Legora and Cognition, names that show up again and again in the current wave of AI startups.

The reported price makes this one of the larger exits by a UK AI startup with a female co-founder, according to Tech.eu. For a British ecosystem that often worries its best companies leave too cheaply or too early, a $200 million sale for a four-year-old firm is a result worth paying attention to.

What Sequence actually built

Sequence's pitch starts with a simple observation: billing a software company is no longer simple. The old model was one flat monthly fee per user, easy to invoice and easy to track. The new reality is usage-based pricing, hybrid plans, seat counts that change mid-month, milestone payments and consumption charges tied to tokens, compute or requests.

That complexity breaks traditional billing tools. A company might charge one customer by seats, another by API calls and a third by a mix of both, with discounts, trials and renewals layered on top. Finance teams end up stitching spreadsheets together by hand, and revenue numbers arrive late or wrong.

Sequence automates the whole chain, from quote to revenue recognition. Its platform handles pricing, billing, invoicing, collections and the accounting step of recognising revenue, with AI agents carrying out daily tasks alongside finance staff. Co-founder and chief executive Riya Grover has described revenue management as the most fragmented workflow in the back office, and argued that the shift to usage-based and hybrid pricing will only make that fragmentation worse.

The founders have done this before

Deals like this are often as much about the people as the product, and Sequence's founders bring a track record. Grover previously ran food tech startup Feedr, which was sold to Compass Group in 2020 in a deal valued at $24 million. She also worked at Deutsche Bank before moving into startups.

Her co-founder Eamon Jubbawy co-founded identity verification provider Onfido, which was sold in 2024 for $650 million. He now leads climate startup Isometric as chief executive. According to The Times, Grover holds more than 45 percent of Sequence and Jubbawy holds more than 15 percent, which means both stand to gain substantially from the sale.

Backing came from a strong investor list. Sequence raised around $40 million in total from firms including Andreessen Horowitz, Passion Capital, firstminute capital and 645 Ventures. A $200 million reported exit on $40 million raised is roughly a fivefold return on invested capital, before fees and preferences, which explains why the deal has drawn attention in London's venture community.

Grover called the agreement a milestone, saying that Intuit gives Sequence room to operate at greater scale. She pointed to shared alignment on serving mid-market businesses and building AI-driven financial workflows, a hint at where the combined company sees its biggest opportunity.

Why Intuit wants a billing startup

For Intuit, the logic is consolidation. The company has spent years buying pieces of the small-business finance stack, and automated billing sits close to the revenue data its core products already touch. QuickBooks already handles accounting for millions of small and mid-sized firms. Adding a tool that prices, bills and collects revenue, especially revenue tied to consumption and usage, extends that reach into a part of finance that is growing fast and is still poorly served.

Intuit said the deal will give mid-market businesses and the accounting firms that advise them a single platform to price, bill and collect on revenue tied to consumption, usage, seats and milestones. It also said Sequence would let it serve new industries, including business-to-business software and professional services.

What is still unclear

As with many acquisitions, the details that matter most to existing customers are not yet public. Intuit has not said whether Sequence will keep operating as a standalone product, be folded into QuickBooks, or change its pricing. There is no confirmed timeline for the deal to close, and no public product roadmap for current users.

Customers such as Legora and Cognition will want answers on those points, since billing software is the kind of tool a company cannot easily swap out mid-year. A change in pricing or a forced migration would be disruptive, so Intuit will need to reassure Sequence's customer base early.

The price itself also deserves a note of caution. The $200 million figure comes from reporting by The Times, repeated by Tech.eu and others. Neither Intuit nor Sequence has confirmed it. Until the companies disclose terms or a filing appears, the number should be read as a well-sourced report, not an official fact.

Even with those caveats, the shape of the deal is clear. A four-year-old London startup solved a boring but painful problem, built it into a product that fast-growing companies rely on, and sold it to one of the biggest names in business software. In a market obsessed with flashy AI demos, there is something reassuring about that: the companies making real money in AI are often the ones fixing the plumbing.

Frequently Asked Questions

How much did Intuit pay for Sequence?

The deal is reportedly worth around $200 million, according to The Times. Neither Intuit nor Sequence has disclosed the financial terms, so the figure remains a media report rather than an official confirmation.

What does Sequence do?

Sequence is an AI-powered revenue management and billing platform founded in 2021 in London. It automates pricing, billing, invoicing, collections and revenue recognition for software companies, including firms that charge by usage, seats or milestones.

Who founded Sequence and who backed it?

Sequence was co-founded by Riya Grover and Eamon Jubbawy. Grover previously founded Feedr, sold to Compass Group in 2020, and Jubbawy co-founded Onfido, sold in 2024. The startup raised around $40 million from investors including Andreessen Horowitz, Passion Capital, firstminute capital and 645 Ventures.