Berlin-based payments processor startup Denario has raised 1.3 million euros ($1.5 million) in a financing round, the company announced on Monday (Jan. 10).
The German venture capital firm 468 Capital led the round, with participation from Presight Capital and MPGI.
Denario said the latest investment will be used to advance its automated software that allows businesses to do their financial processing without using traditional banking or financial administration tools.
“We aim to transform Denario into a community for businesses to connect, transact, and grow together,” the company said in a statement. “A place where finance becomes secondary and where business owners and finance professionals can make use of integrated products in a more human way.”
Launched in 2021 by Philipp Pohlmann, who once led business banking provider Qonto, Denario offers software that connects businesses financial tools including bank accounts, Stripe and PayPal using open banking.
The software allows users to collect invoices from various sources such as Dropbox, email or OneDrive, documents which are then automatically processed and can be scheduled for single or bulk payment.
And there is data to show that digitizing business-to-business (B2B) payments data and managing it with enterprise resource planning systems can not only boost collections, but also improve days sales outstanding (DSO) and operations.
Read the report: Global B2B Payments Playbook
According to The Global B2B Payments Playbook, a PYMNTS and Worldpay collaboration, 49% of firms that have adopted automated accounts receivable (AR) processes report lower overall delinquency rates, while 62% report reduced DSO and 72% reported saving in operational costs.
These join the more common benefits of incorporating automated AR technology, including faster processing speed, cited by 87% of those who have adopted this technology, improved team efficiency (79%) and a better customer experience (75%).