AP/AR Software Firm Peakflo Raises $4.1M in Seed Funding

Peakflo, seed funding, automation, AP

Cloud-based revenue collection software firm Peakflo has raised $4.1 million in seed funding, the company announced Wednesday (July 6).

Peakflo offers an application programming interface (API) and one-click accounting software integrations, allowing businesses to streamline customer collections and vendor payments.

The intent is to help the companies manage their cash flow, transforming how those companies collect payments and pay bills. It also comes with a communication channel connecting businesses and customers through social media to remind them of payments or debt collection.

According to the release, several companies in Southeast Asia have used Peakflo’s automated solution to get paid up to 20% faster, with their bill pay times sometimes being cut in half.

“We are grateful to our investors for their belief in our team and vision,” said CEO and co-founder Saurabh Chauhan. “We are delighted to have them on board as we build a centralized finance operations software for mid-sized companies and growth-stage startups in SE Asia.”

Bill payments and various payment methods have been evolving for some time, with 57% of businesses using virtual cards saying one of the big reasons they’ve embraced virtual cards is the increased level of transparency offered.

Read more: US Companies Cite Transparency as Biggest Benefit of Virtual Cards

A PYMNTS and Mastercard collaboration called “Accelerating the Time to Realized Revenue” said that U.S. firms had been “especially interested” in the new details, with many of them ranking it first among 10 benefits.

Additionally, 66% of them said improving transaction details is a benefit virtual cards have added to the businesses. Canadian firms, meanwhile, ranked it third, with their top two benefits being faster payments and secure transactions, tied with improved cash management.

In addition, healthcare firms were the most likely of the three industries surveyed to have benefited from the improved transaction details — 69% of them said this had helped them. Meanwhile, 55% of manufacturing firms and 43% of transportation, logistics and shipping firms said it was a help.