French startup Upflow has raised a $15 million Sequence A spherical. The corporate needs that will help you chase late funds. It optimizes the way you accumulate funds out of your clients as a way to enhance your cash-cycle.
Buyers in immediately’s funding spherical embody 9yards Capital, present investor eFounders, in addition to N26 co-founder Maximilian Tayenthal, Uber SVP of Supply Pierre-Dimitri Gore-Coty, auxmoney co-founder and CEO Raffael Johnen.
Individuals who run a enterprise usually inform you that getting paid is a consuming activity. While you create an bill, likelihood is your buyer will wait a number of weeks earlier than paying you. Most firms find yourself with a backlog of excellent invoices sitting in an Excel spreadsheet.
They regulate their checking account to manually reconcile these funds. And, in fact, they usually must ship an e-mail or name a buyer to inform them that now’s the time.
Upflow acts because the central repository to see all of your invoices, monitor funds, talk together with your group and ship reminders. However Upflow doesn’t need to substitute your present instruments. As a substitute, the corporate has constructed integrations with well-liked enterprise instruments that you simply’re already utilizing.
As an illustration, you may join your Upflow account with QuickBooks, Xero, Netsuite, Chargebee and Stripe Billing. You may cost your shoppers out of your present invoicing platform. Upflow imports your invoices, shoppers and funds. When Upflow notices a late fee, you obtain a notification and may begin sending automated or customized emails.
The startup additionally thinks present B2B fee strategies are outdated. Within the U.S., too many firms nonetheless depend on paper checks. In France, copying IBAN data from an e-mail to your checking account could be cumbersome.
While you ship an bill utilizing Upflow, clients get a hyperlink with a number of fee strategies. You may join your Upflow account with Stripe Funds to allow card funds for example. And the startup is slowly constructing a community of firms which have used Upflow sooner or later. 1.5 million firms have interacted with the product — it represents over $1 billion in funds.
“We’re on a mission to revolutionize the way in which that firms receives a commission. At Upflow, we offer an answer that provides connectivity and readability to an organization’s fee and invoicing stack. The place methods had been beforehand closed and disconnected, Upflow’s platform permits easy and clear processes,” co-founder and CEO Alexandre Louisy stated in a press release.
With immediately’s funding spherical, the corporate plans to increase to the U.S. Upflow already has a number of clients there, resembling Lattice, Entrance and Adikteev, but it surely’s only a begin. The startup will open an workplace in New York.