Elite, a provider of financial management and business operations solutions to the world’s law firms, announced its acquisition of Tranch, a B2B invoice automation and payments platform offering invoice management and payment options for law firms and their clients.
Established back in 2021 by Philip Kelvin and Beau Allison, Tranch has set a new standard for law firms in the “management of invoices and payments, enabling firms to streamline and automate their payment processes and increase cashflows through improved speed and efficiency in invoice delivery, billing and collections.”
Tranch’s electronic payment offerings include: “Pay Now” via a bank transfer managed through FedNow and the Real-Time Payment Network; “Pay by Card,” including virtual card terminals for billing teams; and “Pay Later,” which allows law firm clients to spread out their payments over time, providing “greater flexibility to clients and Day 1 cashflow to law firms.”
Through its platform, Tranch provides an invoice-to-payments experience that enables law firms to reduce their cash collection cycle and handle more work without “proportional staff increases to its finance teams, enhancing profitability.”
Mark Dorman, CEO of Elite said:
“Tranch is an innovative leader that is revolutionizing payment processes for law firms, and we look forward to welcoming Philip, Beau and the entire Tranch team to Elite. By embedding Tranch’s products within our portfolio of SaaS solutions, we will offer our customers greater choice and flexibility in managing their work-to-cash process, which will help lazw firms reduce payment delays, increase cashflows and, ultimately, boost profitability.”
Philip Kelvin, CEO of Tranch said:
“Investments in technology and innovation by law firms have lagged historically in the area of financial operations, and our data reveals there are still significant inefficiencies that have not yet been solved from when an invoice is issued to payment, leaving a large opportunity for improvement across firms of all sizes.”
They added:
“In 2024, Tranch more than tripled its payment volume with many of the largest global law firms, including Elite customers, to help facilitate easier and faster payments through automation and innovation. We are excited to join Elite as we scale our capabilities further and continue our rapid, product-led innovation.”
Elite’s acquisition of Tranch will enhance its ability to augment law firms’ financial and business management processes “by delivering elevated, end-to-end visibility and management of revenue cycles to help firms accelerate growth.”
Since its founding in 1947, Elite has transformed law firms “with innovative technologies that are at the center of their success.”
Today, Elite is a tech company that continues to develop digital financial solutions that drive success for the world’s law firms.
Tranch is the invoice to payments platform for law firms to “get paid faster through invoice automation and frictionless payments.”
Tranch’s suite of products enables firms to get started “with no-code payment options to fully integrated ERP billing solutions.”
Tranch was founded in 2021 and is based “out of London and New York.”