San Francisco-based B2B payment platform Routable raised $30m in Series B funding led by CEO of Open AI and former president of Y Combinator Sam Altman and CEO of Lattice Jack Altman.
Other investors such as digital freight company Flexport and a number of angel investors including Instacart co-founder Max Mullen, Airbnb co-founder Joe Gebbia, Box co-founder and chief executive Aaron Levie, as well as Salesforce founder and CEO Marc Benioff also participated in the latest funding round.
The new round comes around eight months after the startup secured $12m in its Series A. The company, which has raised $46m to date, intends to use the funds to scale its team to expand upmarket into the enterprise space as well as focus on developing its bill payment and invoicing processes.
Founded in 2017 by Tom Harel and Omri Mor, Routable provides a finance software platform that combines 15 discrete accounts payable and accounts receivable functions to automate payments processes, such as updating accounting systems and processing compliance in bulk.
Routable’s business revenue rose as much as 380% since emerging from stealth last summer. Last month, the number of customers that use the FinTech services of Routable tripled compared to February. Some of its popular clients include Snackpass, Ticketmaster, Re-Max and others, it said.
As part of its API-first approach, the company established integrations with Xero, QuickBooks and NetSuite to support payables workflow and reduce manual intervention and expects to accelerate integrations with companies such as Oracle, Microsoft Dynamics Workday and SAP.
Commenting on the round, Mor said, “There’s a huge market opportunity for us to address here with the B2B payments industry projected at approximately $125tn, with ACH, Cash & Check representing about $122tn of that market opportunity.
“We’ve intentionally partnered with a new roster of investors from companies like Box, OpenAI, Instacart, Salesforce, DoorDash and more, with deep enterprise and high-growth experience. With their guidance, we will scale our team to build the best solution for high volume enterprise business payments.”
Similarly, Sam Altman added, “The explosion of the gig economy over the past several years and the more recent boom in the creator economy are leading to a massive rise in the volume of both payments and payees creating a real business payment headache.”
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