Invoicing solution provider YayPay has closed its latest financing round on $5.3m led by QED Investors.
Other commitments to the round came from Birchmere, Fifth Third Capital, 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars, and Zelkova.
YayPay uses AI and machine learning to increase cash flow and automate accounts receivables processes. The company launched its services in January and has collected more than $100m receivables and processed more than 150,000 invoices.
Users are able to reduce ‘Days Sales Outstanding’ by up to 25 per cent and also improve A/R productivity, due to the platform monitoring cash inflow and slow-paying clients, according to the company.
The new funds will help the company boost its staff headcount, drive product development and increase its sales activities.
YayPay co-founder and CEO Anthony Venus said, “With modern software powered by machine learning, we aim to turn finance teams into revenue heroes by giving them workflow tools that finally match in robustness those used by their sales and marketing departments.
“The funding puts YayPay at a major inflection point in which we can now recruit more great talent, roll out a full suite of intelligent order-to-cash automation software, and accelerate sales activities.”
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