Routable, a Fintech firm that began operations in Seattle, has reportedly come out of stealth mode and confirmed it has secured $12 million in capital through a Series A investment round.
Routable’s backers include Y Combinator, Founders’ Co-Op, Lee Fixel, Box Group, Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund, and several other investors. The company has secured a total of $16 million in capital, to date.
The 2-year-old Fintech company says it aims to address the key pain points in handling business invoices and related payments by automating and streamlining the accounts payable and receivable processes. The firm said its software and platform will be designed to assist finance departments, engineering teams, everyday business operations, support, marketing, and sales teams.
Routable’s software may be integrated with a company’s accounting software which may include Quickbooks and Xero.
Routable was previously called Warren. After establishing its presence in Seattle, the firm shifted its business operations to San Francisco. The move came after Routable graduated from Y Combinator. Omri Mor, the CEO at the Fintech firm, is an experienced tech professional who sold ZIIBRA (a platform for online retailers to interact with customers) to Tagboard.
Mor stated:
“Companies will be able to build their infrastructures, permissions, and workflows on top of Routable’s business payments platform and Routable is built for the whole team.”
Mor established Routable with the help of Tom Harel, the Fintech company’s CTO who is currently based in Seattle. Harel has experience working as a data scientist at Yelp and Eat24.
The founders said they launched Routable after realizing that there are certain challenges that must be addressed, when it comes to developing customized business payment software.
According to Mor and Harel, the key challenges involved with developing this type of software has to do with being able to process a payment and to automate the process. It has also been a challenge to effectively share segmented payment details across different company departments, the founders explained.
Mor noted that Routable has been able to scale and expand its operations, despite the COVID-19 outbreak and resulting economic challenges.
The Coronavirus crisis may have negatively impacted VC-funded Fintechs. This, as funding in this sector declined to $6.1 billion across 404 different deals during Q1 2020, which is notably the lowest level since the past three years, according to CB Insights.
Routable took part in the University of Washington’s Fintech incubator program back in 2018. The Fintech firm employs 25 professionals with four workers based in Seattle.