Paris-based Upflow, a startup that assists B2B firms with getting paid, has secured $15 million in capital via a Series A round which included contributions from 9yards Capital, eFounders, and angels N26 co-founder Maximilian Tayenthal and Uber exec Pierre-Dimitri Gore-Coty.
Companies or businesses usually try using a combination of manual processes and outdated payment methods to get paid, which often leads to delayed payments.
Upflow says it will address this issue with its SaaS platform that allows companies to take control of their cash flow cycles. The company notes that it plans to help get rid of the late payments problem.
Upflow’s technology integrates with various finance tools like QuickBooks, Xero, Netsuite, and Chargebee. Upflow has also teamed up with major payment gateways such as Stripe and GoCardless, in order to offer business teams with a central hub so they can effectively manage communication with their clients while settling payments.
Currently handling over $200 million in invoices every month, for 1.5 million+ transacting firms, Upflow intends to use the funds raised to support ongoing product development, while establishing a business office in New York. The office should help with enhancing distribution in the US markets, and also with expanding the company’s team in the coming year.
Alexandre Louisy, CEO at Upflow, stated:
“We are on a mission to revolutionize the way that companies get paid. At Upflow, we provide a solution that adds connectivity and clarity to a company’s payment and invoicing stack. Where systems were previously closed and disconnected, Upflow’s platform enables smooth and clear processes.”
“By enabling a company to take control of its entire cash cycle, we want to help eradicate late payments. There is a common misconception that ‘late payments’ are only a symptom of big companies holding smaller vendors to long payment cycles. Upflow sees it differently: late payments are a tech problem, as B2B payments haven’t changed for decades.”