London-based Sequence FinTech has raised $19m (£16.6m) in a seed funding round to grow its financial services and expand team ahead of product launch.
Sequence’s goal is to provide B2B companies with a data-driven financial operations (FinOps) technology suite to simplify the invoicing and pricing process.
Sequence claims it can give businesses the tools to create more personalized pricing models. Sequence will offer a “smart quote” service where payment data is used for individual billing.
Although the product is not yet launched, companies can request early access to Sequence services.
“In a B2B environment, when you’re building new products and pricing plans, you need an interface that doesn’t always depend on developers,” said Sequence CEO Ria Grover in an interview with TechCrunch.
The funding round was led by Silicon Valley firm Andreessen Horowitz, which has invested in a number of well-known startups such as Slack, Airbnb and Stripe.
The California-based investor has increased its presence in the UK over the past two years, making seven investments in UK companies from 2021. These include online live events platform Hopin and cloud-based video game development platform Improbable.
“We saw a pressing problem and thus a compelling opportunity to automate and manage payments and financial workflows,” Seema Amble, a partner at Andreessen Horowitz, said in a statement.
“The Sequence team has really impressed us with both a strong team and an initial set of customers who are excited about the vision.”
Other participants in the seed round included Salesforce Ventures, Firstminute Capital, Crew Capital, Passion Capital, Dig Ventures, Fin Capital and 9Yards. Several notable founders also participated as angel investors, including the founders of GoCardless, Monzo, and Jeeves.