Routable, the simplest way to send and receive business-to-business payments, announced that the company has come out of stealth mode and has raised $16 million, with $12 million in Series A funding from Y Combinator, Founders Co-Op, Lee Fixel, Box Group, as well as Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund, and others. This funding is validation of Routable’s technology and go-to-market strategy. With this Series A, Routable enters a new phase of growth and will invest in hiring and scaling their product for customers.
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“We believe finance departments deserve the best software and support as they scale and understand that each role has different needs. We built Routable from the ground up to meet the needs of modern teams and provide the tools, integrations, and visibility they need to thrive.”
Routable offers friction-free accounts payable, simplifying the payables process from receipt to settlement. For payables, the platform enables professionals to import bills any way they want. They can email, scan, and upload bills to process one or thousands of payments and leverage the API for bulk processing. Routable enables the right bills to get approved by the right people easily without delays, and their real-time two-way sync keeps businesses’ ledgers up-to-date, making reconciliation a breeze. For receivables, Routable automatically routes invoices, collects revenue, and updates payment records. The platform easily connects to accounting software to make sending invoices a breeze.
“Sending 1,000 business payments per month is a much different proposition than sending 10,000 or 100,000 monthly payments,” said Routable co-founder and CEO Omri Mor. “We believe finance departments deserve the best software and support as they scale and understand that each role has different needs. We built Routable from the ground up to meet the needs of modern teams and provide the tools, integrations, and visibility they need to thrive.”
Mor and cofounder Tom Harel, CTO, founded the company after dealing first-hand with the challenges involved in building custom payment solutions that serviced business entities and independent contractors. Running payables is traditionally a time-consuming and costly process. As bills, contracts, and documents flood in via mail or email, tedious data entry quickly piles up. Messy approvals, multiple communications channels, and manual processing further add to the burden. It’s an inefficient, arduous process that prevents timely payments and uses up valuable employee resources.
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