Autonomous billing platform Anchor has completed a $15m seed-funding round as it comes out of stealth.
The round was led by Rapyd Ventures, the new venture capital arm of Rapyd, Entrée Capital, a leading international venture capital firm that has invested in unicorns such as Monday.com and Riskified and Israel-based VC Tal Ventures.
Anchor will use the funding to expand its team and extend its partnerships and marketing efforts.
Founded in 2021, Anchor’s autonomous billing solution is a cloud-based platform that redefines B2B billing, collections, and payments. By providing an end-to-end billing and collections solution, and removing all manual labour from these processes, Anchor aims to eliminate the risks of fraud and human error in B2B payments.
Anchor pointed to a report by Dun & Bradstreet, which revealed that cash flow issues caused 90% of small business failures in 2019. Surprisingly, 60% of these businesses were profitable but couldn’t handle the negative cash-flow gap caused mostly by late payments.
Rom Lakritz, co-founder and CEO of Anchor, said, “The challenges of billing and collections, which make paying a vendor a hefty process, stem from the human element.
“If people could trust the invoices they receive from service providers just like they trust machine-generated invoices from their Spotify and Amazon accounts, billing and payments would no longer be a painful process, and cash would easily flow in a market estimated at over $120tn annually.”
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