Utility Account Aggregator Urjanet Raises $14.65 Million

By Dan Anderson ● June 25, 2020
  • Urjanet, the world’s leading utility account aggregator, announced it raised $14.65 million in Series D funding

Urjanet — the world’s leading utility account aggregator — announced it has raised $14.65 million in Series D funding. Equifax as well as existing investors Oak HC/FT, Pete Kight, Grotech Ventures, and Correlation Ventures all joined the round.

This round of funding will support growth and adoption of the Urjanet platform across consumer and commercial use cases as well as to launch new products that accelerate the transition from face-to-face, paper-based, and manual processes to fully digital and automated workstreams.

Urjanet Utility Bill Capture for Payments is now available to enable touchless utility and telecom invoice processing and bill payment. And this new product delivers recurring utility and telecom bills every month, automating B2B and consumer bill payments through one simple API integration.

Utility Bill Capture for Payments is a purpose-built solution for bill presentment, payment and AP automation built on the Urjanet Utility Data Platform, the only solution in the market with direct access to thousands of utility and telecom providers across 47 countries.

Over 72% of accounts payable departments still rely on manual and paper-based invoice processes. And with this new product Urjanet is helping companies accelerate the shift to automated and digital payment processes in weeks, rather than years by enabling touchless utility and telecom invoice processing and bill payment through a broad utility network, easy to use API and UI tools and a proven platform.

Key Quotes:

“With the Equifax investment in Urjanet, we are emphasizing the importance of both alternative data sources and digital payment experiences in the financial health of consumers and businesses. Erasing the problem of thin credit files or credit invisibility requires businesses to understand that consumers are more than a credit score. Giving people the ability to easily share their utility payment history can result in better loan and service decisioning and expanded access to credit – something that has become even more critical in the wake of COVID-19.”

– Sid Singh, president of United States Information Solutions (USIS) at Equifax

“As the global leader in utility account aggregation, Urjanet is proud to be at the forefront of financial services and payments innovation providing an alternative data platform built on a 100% permission-based data access model. This investment during a time of market uncertainty further validates that the work we’re doing is critical to businesses across industries as they transition from people- and paper-based processes to fully digital environments.”

– Sanjoy Malik, CEO of Urjanet

“With the growing demand for electronic payments accelerated by the recent dramatic shift away from face-to-face interactions, Urjanet’s proven track record and tremendous growth over the past few years positions the company to tackle the unique challenges at the forefront of this transition. We’re proud to further our support of the Urjanet team during their continued expansion in financial services.”

– Patricia Kemp, Co-founder and Managing Partner at Oak HC/FT