French startup Upflow has raised a $15 million Sequence A spherical. The corporate needs that can assist you chase late funds. It optimizes the way you gather funds out of your prospects with a view to enhance your cash-cycle.
Traders in at present’s funding spherical embody 9yards Capital, current 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 job. Whenever you create an bill, likelihood is your buyer will wait a couple 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 need to ship an electronic mail or name a buyer to inform them that now could be the time.
Upflow acts because the central repository to see all of your invoices, monitor funds, talk together with your workforce and ship reminders. However Upflow doesn’t need to change your current instruments. As a substitute, the corporate has constructed integrations with fashionable enterprise instruments that you simply’re already utilizing.
For example, you may join your Upflow account with QuickBooks, Xero, Netsuite, Chargebee and Stripe Billing. You’ll be able to cost your purchasers out of your current invoicing platform. Upflow imports your invoices, purchasers and funds. When Upflow notices a late cost, you obtain a notification and might begin sending automated or customized emails.
The startup additionally thinks present B2B cost strategies are outdated. Within the U.S., too many firms nonetheless depend on paper checks. In France, copying IBAN data from an electronic mail to your checking account may be cumbersome.
Whenever you ship an bill utilizing Upflow, prospects get a hyperlink with a number of cost strategies. You’ll be able to join your Upflow account with Stripe Funds to allow card funds as an illustration. 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 best way that firms receives a commission. At Upflow, we offer an answer that provides connectivity and readability to an organization’s cost and invoicing stack. The place methods had been beforehand closed and disconnected, Upflow’s platform allows easy and clear processes,” co-founder and CEO Alexandre Louisy stated in a press release.
With at present’s funding spherical, the corporate plans to broaden to the U.S. Upflow already has a couple of prospects there, resembling Lattice, Entrance and Adikteev, however it’s only a begin. The startup will open an workplace in New York.