The team at Payable reveals that they’ve raised $6.1 million in order to build a payment operations platform so companies “stop using EBICs, bank files and spreadsheets to move and reconcile money.”
With Payable, you can “connect your banks and automate payments from initiation to reconciliation with a single API and dashboard.”
About a year ago, Raz and the company’s co-founder, Daniel Yubi, sat down with the treasury and payment operations team at Checkout.com “to understand what it would take us to launch the new marketplace solution.”
The realized that tech companies “depend on clunky systems and outdated bank files to reconcile and make bank transfers.” As companies scale, they “get further into the payments value chain and become fintech companies.” This causes nightmares for finance and operations teams, who have “to manage new payment flows created by the product teams using typically manual processes.”
Today, companies “move more than $4T of bank transfers in Europe alone.”
For a healthy economy money needs “to move efficiently between companies.” Yet still in 2022 human intervention is “required to download bank statements, reconcile payments, and initiate bank transfers.”
Raz and Yubi left Checkout.com “to solve this problem and build the one platform for payment operations for tech companies.” Payable offers “a Unified Banking API and a dashboard, which allows companies to connect their banks and wallets to automate payment reconciliation, and initiate bank payments, with a single API and a web app.”
As noted in a blog post, Salesforce was founded in 1999 on “a single, bold premise – that software should be made available to the masses, on a 24/7 basis, over a global cloud computing infrastructure.” Before that companies “built their own CRM and data centres to track each stage of the sales cycle and required resources from growing their core business.”
Yubi claims that he sees “a future where this will happen with payment operations software. Businesses who want to embed payments, fintech products and add unique payment flows, should have software that is useful to everyone in the organization.” Real-time data that brings clarity “to a global financial infrastructure.”
The firm’s goal is for Payable “to be the software that enables companies to bring their own corporate bank accounts, wallet provider or financial data source, so they can have one tool for initiating, tracking and reconciling payments.”
Today, the firm claims it reconciles 2 million transactions “in less than 3 seconds, and we’ve connected with all the key banks across the UK and Europe.”
The team is constantly expanding their coverage of payment providers and wallets. They’ve grown the team to 12 people, “bringing experience from across the fintech scene, including Truelayer, Stripe and Freetrade.”
As noted in the update:
“We are humbled to be backed by CRV and Earlybird, and with the participation of Conversion Capital, Clocktower Ventures and a set of great angel investors, including Nik (This Week in Fintech), Russel, Dan (Public), Hristo (Payhawk), Dileep (Jeeves), Paul and Eric (Bitpanda), Francesco (Truelayer), and many more.”
The firm added:
“Thank you to our early design partners, our early team, and every investor for the trust you have placed in us and the help along the way.”