Billing and automation platform Ordway has scored $2.5m in its latest growth round of funding.
Collective founder Lerer Hippeau, Middleland Capital, and Revolution’s Rise of the Rest Seed Fund formed the group to make the investment into the company.
Washington, DC-based Ordway is an automated billing and revenue platform which helps simplify all types of payments, from basic subscriptions, to complex billing cycles. Its technology is able to send invoices within minutes, accept payments, generate reports, recognise revenue streams, reduce billing inquiry times, predict recurring revenues, and manage retention and collections.
The solution accounts for both usage and volume-based billing as well as any discounts or promotions that change the prices for certain customers. Some of Ordway’s clients include perk management software platform Aspire, restaurant-finder app Spotluck and real estate agent and lender connection platform ListReports.
Ordway CEO Sameer Gulati said, “Ordway is leading a movement to simplify increasingly complex billing and finance operations for growing companies. We’re filling a massive gap in the market where companies quickly outgrow point solutions, but don’t want the overhead associated with larger vendors in the billing management space.”
Last year, Middleland Capital participated in the $8.5m funding round of mobile banking platform Zero. The company combines checking, savings, debit and credit card accounts into a single mobile app and supported by a Visa card.
Last month, online bill payment platform Plastiq netted $27m in a funding round from Atlas Venture, Khosla Ventures and Top Tier Capital. The firm raised the equity to support the launch of a new payment service which would accelerate growth in the small business market.
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