Routable, a U.S.-based fintech startup, announced on Wednesday it raised $12 million through its Series A funding round, which involved participation from Founders Co-op, Y Combinator, Box Group, and Liquid 2 Ventures.
Founded in 2017, Routable claims to be the simplest way to send and receive business-to-business (B2B) payments. The startup stated its secure payments solution helps Accounts Payable/Accounts Receivable team automate bill-pay and invoicing, find errors, request authorization from supervisors, and streamline cash flow.
“We started Routable due to our experience scaling B2B payments with the mission to give companies visibility into their financial data, and reduce their time spent chasing payments.”
Routable further revealed that its mission is to remove the burden of the bill payment and invoicing processes so that businesses can focus on scaling their core product offerings without worrying about payments.
“Over the last two years, we have succeeded in working with startup and small business customers to simplify their businesses payments. Our customers grew rapidly and pushed our team to build solutions that will help them scale into the future. With this funding, we look forward to sharing our product with a wider audience of SME and Enterprise businesses, who feel the unwieldy burden of managing and growing their Accounts Payable and Accounts Receivable processes.”
Funds from the investment round will be used to expand Routable’s business payments volume along with the growth and development of the company’s platform.