Seattle based fintech startup Routable raises $12m for efficient business payments

Seattle based fintech startup Routable raises $12m for efficient business payments

Published: 12-08-2020 15:57:00 | By: Pie Kamau | hits: 4523 | Tags:

Seattle based fintech startup Routable has raised $12 million in Series A funding from Founders Co-op, Lee Fixel, Y CombinatorBox GroupLiquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund, and many others.

Routable’s 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, Routable has succeeded in working with startup and small business customers to simplify their businesses payments. The customers base grew rapidly and pushed Routable's team to build solutions that will help them scale into the future. With this funding, Routable looks forward to sharing its 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.

Routable emerged out of personal experiences scaling business payments. In their previous roles Omri Mor, Routable CEO and Co-founder, together with Tom Harel, Routable Co-founder and CTO were tasked with building custom business-to-business payout solutions that serviced business entities, like restaurants and online stores, as well as independent contractors.

 They realized that they faced similar challenges while building custom in-house solutions and set out to discover if the pain points they experienced processing invoices and payments were widespread. Over a nine month period, they interviewed over 150 CFOs and Finance leaders across 300 meetings. Through those conversations, they identified a clear path to building a better future for finance, operations, and engineering teams who needed to scale business payouts and invoicing.

The three biggest issues they ran into were:

  • The time to process a business payment averaged at least 15 min and took over ten steps;
  • Automating payments meant either building an internal engineering team or hiring outside help to power through documentation and data entry; and
  • No matter how much work a company invested, it was nearly impossible to share segmented payment information safely and securely across departments.

 

With this Series A, the Routable team will continue to serve companies as they expand their business payments volume, helping them save time, easily onboard their vendors and customers, and share their payments data across every tool and department.

routable.com