- Routable — one of the simplest way to send and receive business-to-business payments — announced that it has raised $16 million
Routable — one of the simplest way to send and receive business-to-business payments — announced that the company has come out of stealth mode and 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 several others.
This investment will enable Routable’s efforts to launch new features and a mid-market product for larger teams. And the funding round is a validation of Routable’s technology and go-to-market strategy. And with this Series A, Routable enters a new phase of growth and will invest in hiring and scaling their product for customers.
Routable offers friction-free accounts payable, simplifying the payables process from receipt to settlement. And for payables, the platform enables professionals to import bills any way they want.
Users can email, scan, and upload bills to process one or thousands of payments and utilize the API for bulk processing. And 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.
In terms of receivables, Routable automatically routes invoices, collects revenue, and updates payment records. And the platform easily connects to accounting software to make sending invoices much easier.
“Sending 1,000 business payments per month is a much different proposition than sending 10,000 or 100,000 monthly payments. 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 co-founder and CEO Omri Mor.
Mor and cofounder / CTO Tom Harel 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 usually a time-consuming and costly process. And as bills, contracts, and documents flood in via mail or email, tedious data entry quickly piles up. The messy approvals, multiple communications channels, and manual processing further add to the burden. And it’s an arduous process that prevents timely payments and uses up valuable employee resources.
Mor and Harel saw an opportunity for using technology to address companies’ finance and accounting needs across departments and provide visibility. And they set out to build a sophisticated, seamless, and modern business-to-business payout solution that helps companies speed up their business payments at scale. Currently, Routable is working with customers including Garmentory, Re/Max, and Snackpass.
