Payable, which has developed one platform for payment operations, has raised $6.1m in funding to help companies move away from EBICs, bank files and spreadsheets.
Through Payable, users can connect banks and automate payments from initiation to reconciliation with a single API and dashboard. Payable claims to move over $4trn in bank transfers in Europe.
Its investors include CRV, Earlybird, Conversion Capital and Clocktower Venture. It is also backed by angel investors.
The company was founded by Daniel Yubi and Razvan Musca. A year ago, they spoke with the treasury and payment operations team at Checkout.com to see what was needed to launch a new marketplace solution.
The duo found that companies are dependent on clunky systems and outdated bank files to reconcile and make bank transfers. When these companies scale, they move into the payments value chain and become FinTech companies.
Yubi explained that this creates problems for finance and operations teams that need to manage new payment flows created by product teams using manual processes.
In a blog post about the funding round, Yubi said, “Our goal is for Payable to be the software that enables companies to bring their own corporate bank accounts, wallet provider or financial data source, so they can have one tool for initiating, tracking and reconciling payments.
“Today, we reconcile two million transactions in less than three seconds, and we’ve connected with all the key banks across the UK and Europe. We’re constantly expanding our coverage of payment providers and wallets. We’ve grown the team to 12 people, bringing experience from across the fintech scene, including Truelayer, Stripe and Freetrade.”
In other PayTech news, searches for the term ‘delete PayPal’ have surged by 1,392% following the announcement of a $2,500 fine for spreading misinformation. PayPal has since said the policy update was an error.
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