Procurify, a leading provider of proactive spend management solutions, has recently unveiled a new accounts payable automation tool.
This innovative solution aims to redefine how businesses handle their financial operations by introducing cutting-edge artificial intelligence technologies to streamline processes and increase efficiency.
The recent launch has been backed by a substantial $20m growth capital investment from CIBC Innovation Banking. This financial injection underscores the confidence in Procurify’s vision and the robustness of its market-leading technologies.
At its core, Procurify specialises in transforming traditional financial management practices. The company’s latest offering leverages optical character recognition (OCR) to rapidly extract data from invoices and employs automated matching to ensure payment accuracy. These features are part of a broader suite that includes flexible bill payment options like ACH, wire, and check payments in the U.S., as well as EFT in Canada, integrating various financial operations into a seamless user experience.
The new funds are earmarked for several strategic initiatives, including further development of Procurify’s AI capabilities and expansion into new markets.
Procurify CEO Aman Mann commented on the launch, stating, “At Procurify, our mission has always been to empower our customers through innovation.
“Our Series C funding round was all about injecting AI into our platform to transform how revenue-driven organizations in the upper SMB and mid-market manage spending. With the introduction of new AP automation capabilities, we’re delivering on that promise—helping businesses gain better control and efficiency through automation.”
Director at CIBC Innovation Banking, Josh Olawale, also praised Procurify’s strategic direction: “Procurify is at the forefront of transforming organizational spend management.
“Their procure-to-pay platform is crucial for companies looking to maintain budgetary control and enhance operational efficiencies. These new bill payment and AP automation capabilities solidify Procurify’s position as a spend management leader.”
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