Cherry is a new FinTech startup launched out of stealth that aims to automate accounting and transaction processes.
Alongside the launch out of stealth, the FinTech company has raised $4m in seed funding. The investment was led by NFX, a seed-stage venture capital firm that is based in San Francisco.
It raised the capital to scale its digital business network, hire more staff and onboard thousands of new customers.
Cherry stated that businesses are currently inundated with dozens of accounting and payment systems to manually process invoices and payments from vendors and customers. These systems all operate in a silo and require manual qualifiers, data entry and for all accounting teams to reconcile at the end of a month.
This is the problem Cherry launched to resolve. It acts as a centralised network that processes payments and automates the transfer of records. Its platform works with all banks and payment types, including checks, ACH, EFT, bank wires, and credit and debit card payments.
It is also compatible with over a dozen accounting applications, including Quickbooks, Sage Intacct, Yardi, Netsuite, Workday, AppFolio, SAP, Acumatica, RentManeger, and others.
Since its launch in February 2022, it has processed over 100,000 transactions worth $350m.
Cherry co-founder and CEO Moshe Teitelbaum said, “We created Cherry after working in businesses that struggled to manage more than 500 vendor payments monthly that enabled errors, fraud, and scores of precious manual hours wasted. By creating a seamless invoicing and payment digitalised workflow.â€
Earlier in the year, Constrafor raised $100m for its seed round. The company is an invoice and contract management SaaS platform designed for the construction industry.
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