SaaS FinTech eliminating AP fraud with automation OpenEnvoy secured $6.5m led by Riot Ventures to expand its automated invoice auditing capabilities.
Other investors participating in the round included RRE, Gokul Rajaram, Naval Ravikant, Firebolt, Coelius Capital, Hack VC, Uncorrelated and TNT Ventures.
This funding will support the company’s goal to accelerate its growth and continue to help firms manage suppliers, invoices and contracts. Its automation-based platform aims to improve cash flow and reduces costs so accounting resources are able to focus on more complex tasks.
Founded by Matt Tillman and Parker Moore last October, OpenEnvoy eliminates supplier fraud and enable companies to recover billions of dollars in wasted spending by verifying every invoice to its originating documents. In the event of any differences, the accounts payable workforce is alerted.
A live dashboard offers analytics including the count of differences, the value of those differences, invoice accuracy by vendor and overall savings. Users can view the amount they’re saving and make new approaches to lengthen terms and therefore boost their cash flow.
Commenting on the fundraise, Tillman said, “Having launched the company less than six months ago, we’re excited to see early market traction and reach this milestone so quickly.
“It’s proof we’re addressing a real pain-point that finance teams face every day. CFO’s know they’re leaving money on the table in the documents their accounts payable teams process, but effectively extracting that information has been cost prohibitive until now. Ensuring accurate invoicing is about more than saving money, it’s also about knowing what you’ve paid for, building better relationships with your partners and avoiding disasters as we’ve seen with Greensill.”
Sharing the sentiment, Riot Ventures partner Will Coffield added, “We’re incredibly excited to be partnering with Matt and the OpenEnvoy team on their journey to become the standard in invoice auditing and supplier transparency. OpenEnvoy’s use of advanced automation is arming teams in esoteric industries like freight and manufacturing with the tools to dramatically elevate their operations.”
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