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Cash-cycle solution provider Upflow raises USD 15 mln

Tuesday 15 June 2021 13:02 CET | News

France-based startup Upflow has raised a USD 15 million Series A round, to offer companies the possibility to chase late payments.

It optimises how firms collect payments from their customers to improve the cash-cycle. Investors in the funding round include 9yards Capital, existing investor eFounders, as well as N26 co-founder Maximilian Tayenthal, Uber SVP of Delivery Pierre-Dimitri Gore-Coty, auxmoney co-founder and CEO Raffael Johnen.

Upflow acts as the central repository to see all your invoices, track payments, communicate with your team and send reminders. But Upflow does not want to replace existing tools. Instead, the company has built integrations with popular business tools that people are already using.

For instance, you can connect your Upflow account with QuickBooks, Xero, Netsuite, Chargebee and Stripe Billing. You can charge your clients from your existing invoicing platform. Upflow imports your invoices, clients, and payments. When Upflow notices a late payment, you receive a notification and can start sending automated or personalized emails.

The startup also thinks current B2B payment methods are outdated. In the US, too many companies still rely on paper checks. In France, copying IBAN information from an email to your bank account can be cumbersome.

When you send an invoice using Upflow, customers get a link with several payment methods. You can connect your Upflow account with Stripe Payments to enable card payments for instance. And the startup is slowly building a network of companies that have used Upflow at some point. 1.5 million companies have interacted with the product.

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Keywords: funding, e-invoicing, API, digital payments
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: France
This article is part of category

Banking & Fintech