YayPay announced new funding in support of its accounts receivable (AR) automation solution designed for the middle market.
The U.S.-based FinTech said Wednesday (Sept. 13) it had secured $5.3 million in funding led by QED Investors. Birchmere and Fifth Third Capital also participated in the round, YayPay said, as did 500 Fintech Fund, Aspect Ventures, Gaingles, Techstars and Zelkova.
“With modern software powered by machine learning, we aim to turn finance teams into revenue heroes by giving them workflow tools that finally match in robustness those used by their sales and marketing departments,” said YayPay co-founder and CEO Anthony Venus in a statement. “The funding puts YayPay at a major inflection point in which we can now recruit more great talent, roll out a full suite of intelligent order-to-cash automation software and accelerate sales activities.”
YayPay provides Software-as-a-Service (SaaS) that integrates machine learning and artificial intelligence to automate the AR process. The company said it focuses on customer satisfaction and relationship management, as well as employee productivity, while enabling more sophisticated cash flow forecasting.
To date, the company said it has processed more than 150,000 invoices for its customers since launching in January. YayPay said its clients have reduced Days Sales Outstanding by as much as 25 percent and accelerated cash flow by 10 to 25 percent.
“The power of YayPay's toolset was clear to me as a former CFO,” said QED Investors partner Matt Risley in another statement. “YayPay's technology eliminates any reason for finance departments to get bogged down in inefficient spreadsheets and Post-it Notes, and it works seamlessly with the major ERPs.”
“It's critical for a business to understand their cash flow,” added Vanessa Indriolo Vreeland, head of acquisitions and strategic investments for Fifth Third Capital. “We know this process can be a hassle, and want to help clients become more efficient. We've been impressed with YayPay's innovative approach to streamlining how small and mid-sized enterprises manage accounts receivable. Fifth Third's investment in YayPay affirms this and our confidence in the team's continued growth.”