Payable Secures $6 Million Seed Funding for Payments Solution
LONDON, Oct. 11, 2022 – Payable, an innovative new platform designed to streamline payment operations and automate bank transfers for businesses in the digital economy, has officially announced the success of its $6 million seed funding round. This significant investment was co-led by prominent venture firms CRV and Earlybird Venture Capital. The round also saw participation from Conversion Capital, Clocktower Ventures, and a remarkable array of angel investors, which included industry leaders such as Francesco Simoneschi, CEO of TrueLayer; Hristo Borisov, CEO of Payhawk; Nik Milanović, founder of This Week in FinTech and the FinTech fund, as well as founders from Bitpanda and Dileep Thazhmon, CEO of Jeeves, among numerous other influential figures within the sector.
The conception of Payable can be traced back to co-founders Daniel Yubi and Raz Musca, who originally devised the marketplace solution while they were associated with Checkout.
Their experiences revealed the considerable challenges faced by finance operations teams, particularly in managing payment processes. Daniel Yubi shared, “It is one of those problems you don’t notice until you are working directly with the finance operations team and see their challenges firsthand.” He highlights the frustrating reality of using outdated methods, like spreadsheets and bank files, to manually manage payments. Recognizing the inefficiencies of these processes motivated Yubi and Musca to innovate and find a more effective solution to transform payment operations.
Payable addresses the long-standing issues related to payment reconciliation through its specialized data matching products and seamless integrations with corporate bank accounts. The platform offers both an API and a user-friendly dashboard, allowing marketplaces, lenders, and fintech firms to control money movement from a unified interface. Yubi emphasized that while collecting payments is relatively straightforward, gaining insight into a company’s cash flow remains a complex challenge. He envisions a future where product managers can effortlessly launch fintech products that facilitate money movement without placing undue stress on their finance teams. Payable's commitment to resolving these issues underlines the unique position it occupies in the evolving landscape of payment operations, distinguishing itself by its in-depth technical expertise and understanding of the financial sector's needs.
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