CHARLOTTE — Fifth Asset, better known as DebtBook, has raised funding just shy of $12.5 million, according to an SEC filing.

The Series A equity funding came from five investors, led by Elephant Partners.

DebtBooks works with local governments, nonprofits, higher education, and similar organizations to manage debt, leases, and subscriptions, generating year-end financial reports automatically.

The company reports that this round of funding is intended to support the delivery of DebtBook’s product roadmap, with a focus on customer experience and “modern, elegant solutions.”

“Our public sector customers wake up every day trying to figure out how to deliver their communities’ most important projects in the face of shrinking budgets and shifting regulatory requirements,” Tyler Traudt, CEO and Co-Founder of DebtBook said in the company press release. “At DebtBook, we wake up every day excited by the challenge of delivering world-class software that empowers these public servants to do their best work. This investment will accelerate our ability to deliver on our promise to build the modern tools the public finance industry deserves.”

Charlotte fintech startup DebtBook lands $950K in equity

Started in 2019, the company has had several rounds of funding, most recently raising more than $6.7 million in August of last year. In total, the company has raised nearly $23 million since its founding.