FinTech startup has raised £5.4m in seed funding to modernize business payments.
London-based Payable, founded by former Checkout execs Daniel Yuby and Raz Musk, plans to launch its platform through integration with UK banks and then expand to other European markets.
Dealing with multiple payment methods and software tools leaves many finance teams inefficient and overstressed, Payable says.
The startup aims to streamline payment transactions and automate business bank transfers for the online economy.
“It’s one of those issues that you don’t see until you work directly with the financial operations team and see their issues firsthand,” Yubi said. “We literally watched them use a spreadsheet with one hand to count payments and cash with a bank file, and with the other hand to manually send money to their customers.
“It was both ineffective and outdated. When we saw the problem, we realized there had to be a better way and decided to create it.”
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The round was co-led by CRV and Earlybird Venture Capital with participation from Conversion Capital, Clocktower Ventures and angel investors, including Francesco Simoneschi, CEO of TrueLayer, Hristo Borisov, CEO of Payhawk, Niko Milanovic, founder of This Week in FinTech and FinTech Fund, Founders Bitpanda, Dilip Tejmon, CEO of Jeeves, and many other founders and operators in the space.
Payable handles payment reconciliation for data matching companies’ products and integration with corporate bank accounts. It provides both an API and a dashboard that allows marketplaces, lenders and FinTechs to manage the movement of money from a single interface.
Yubi continued, “Today it is easy to accept payments, but it is quite difficult to understand where the money is.
“Our vision for Payable is that any product manager in a company is empowered to launch a new FinTech product, a product that ‘moves money’ without scaring their finance team.”
James Green, partner at CRV, added: “What excited us most about investing in Payable is that Daniel understands a core problem that fintech is struggling with and has built a platform that can automate the entire payment lifecycle.
“We are very confident in their ability to deliver on their mission as they have assembled a team with similar experience from companies like Curve, TrueLayer, 11FS and Stripe.”
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