Procure-to-pay platform Accrualify raises $3.2m in Series A

Accrualify, an automated procure-to-pay solution developer, has raised $3.2m in its Series A round.

Aligned Partners led the investment which also received contributions from previous investors.

US-based Accrualify offers a suite of tools to support the procure-to-pay process, helping to ease the communication gap between accounts payable and vendor or non-finance employees. The platform helps to automate the management of purchase orders, accruals, invoices, payments, vendor management, and budgeting.

Founded in 2015, the company has formed partnerships with Silicon Valley Bank and Transferwise to support its domestic and international supplier payments. In 2018, the platform has had 10,000 users to support communication between vendors and purchasing companies.

This capital injection will be used to fuel growth, expands its technology capabilities and develop new innovative product enhancements. One of the areas of growth the company is focused on is the use of its machine learning and AI technology.

Accrualify CEO and co-founder Benjamin Portusach said, “Most companies are using disparate systems to manage their P2P processes. They may have one system for purchase order management, another for invoice processing, and various loose systems for vendor onboarding.

“There’s no guarantee these systems communicate with each other and may require a data entry component for each. We are changing that, automating many of the processes, and saving corporate accounting teams valuable time.”

Last year, the company picked up $600,000 in its debut round of funding. The capital was supplied by Envestnet executive Scott Lee and seed investor Swan Venture Fund.

Earlier in the year, fellow procure-to-pay platform Paymerang received a $26m investment from Aldrich Capital Partners.

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