San Francisco fintech startup YayPay announced on Wednesday it raised $8.4 million dollars in funding to further its drive to bring automation to the back-office finance operations of mid-sized enterprises. The funding round was led by Information Venture Partners with follow-on investment from existing shareholders including Birchmere, QED, Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, Gaingels, and 500 Fintech Fund.
As previously reported, YayPay was founded in 2015 and describes itself as an AI to accelerate cash flow and automate accounts receivables. The company’s AR workflow and CRM products notably enable “better” customer communications and “faster” cash collection, with a reduction in Days Sales Outstanding (DSO).
“YayPay dramatically improves results through data-driven and best practice processes; and increases staff productivity through collaboration tools and insightful working capital reporting and analytics. YayPay’s vision is to transform accounts receivable management with AI-enabled process automation and communications. SaaS-based, YayPay integrates with industry leading accounting and ERP systems including NetSuite, Intacct and Quickbooks, as well as custom integrations. YayPay customers are MM companies typically in technology, manufacturing, wholesale trade, professional services (legal & IT), advertising and media.”
While sharing more details about the company, Anthony Venus, Co-Founder and CEO of YayPay, stated:
“YayPay is turning finance teams into revenue heroes by giving our customers the workflow tools that finally match the robustness of those used by their sales and marketing counterparts. Using modern software, powered by data science and machine learning, we are helping finance and accounts receivables teams to hit their monthly credit and collections goals while driving costs lower. We are developing predictive credit models and building a credit-to-cash workflow specifically designed for the modern accounts receivables team.”
YayPay went on to report that over the last 12 months it has grown its user base by over 500% to 480 users, and increased total accounts receivables on the platform to more than $7 billion dollars. Robert Antoniades, Co-Founder and General Partner at Information Venture Partners, added:
“We are excited to be working with Anthony and the team. YayPay is directly in line with our investment thesis regarding automation and the digitization of finance. Using a FinTech solution to solve an analogue yet critical process such as collections is the lifeblood of any business. We believe that the YayPay platform is best in market.”