Zip, an intake-to-pay platform, has secured $100m in a Series C funding round as well as launch its Zip Intake-to-Pay product.
The funding round saw participation from Y Combinator, CRV and Tiger Global. The post-money valuation of the round was $1.5bn.
Zip also announced its product launch of Zip Intake-to-Pay, extending its Intake-to-Procure platform for modern spend approvals to now provide Procure-to-Pay (P2P) capabilities.
With new purchase order management, accounts payable automation and global B2B payments functionality, Zip claims it provides a unified platform for the end-to-end procurement lifecycle.
Zip’s latest funding will allow the company to accelerate product and user experience innovations to increase employee adoption across its customer base, including new applications of generative AI that maximize efficiency and synthesize insights across the intake-to-pay process.
Taking into account that procurement starts at the point of intake, Zip said its Intake-to-Pay is the first procure-to-pay platform with built-in intake capabilities. With deep integrations across internal tech stacks, Zip gives customers the flexibility to choose how they would like to use Zip to fit in with their current procurement needs.
Over the last year, Zip has grown from 60 to 250 employees to support its customer and product growth.
With the latest funding, the company plans to continue to invest in top talent across geographies. Zip will also expand its footprint with a new office in Dallas, Texas, adding to its existing headquarters in San Francisco and office in Toronto, Canada.
Zip co-founder and CEO Rujul Zaparde said, “Businesses are no longer able to turn a blind eye when it comes to controlling spend, operating efficiently, and mitigating risk. Our recent survey of finance and accounting professionals found that nearly half of organizations are looking to meaningfully reduce operating expenses this year, yet only 11% said that the majority of spend in their organization is under management, or PO-backed.
“It all starts with a renewed focus on employee adoption and end-user experience. In a space that is notorious for providing tools that cause confusion, lack of adoption and costly deployment errors, we’ve built a holistic, consumer-style and enterprise-grade Intake-to-Pay platform. It doesn’t require any training—and employees are excited to use it.”
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