SAN FRANCISCO, Sept. 13, 2017 /PRNewswire/ -- Fintech startup YayPay today announced the raising of $5.3 million in funding to further its drive to bring automation to the back-office finance operations of mid-sized enterprises. YayPay will capitalize on its momentum in the multi-billion-dollar, order-to-cash software market and use the funding to grow headcount, pursue product development, and increase sales activities. The funding is led by QED Investors along with co-investors Birchmere and Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, with support from 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars, and Zelkova.
"With modern software powered by machine learning, we aim to turn finance teams into revenue heroes by giving them workflow tools that finally match in robustness those used by their sales and marketing departments. The funding puts YayPay at a major inflection point in which we can now recruit more great talent, roll out a full suite of intelligent order-to-cash automation software, and accelerate sales activities," said Anthony Venus, co-founder and CEO of YayPay.
YayPay's powerful back-office SaaS applies process automation, machine learning, and AI to accounts receivables operations to accelerate collections, boost worker productivity, improve customer relationship management, and predict cash flow with greater accuracy. YayPay released its first software module in January and has collected over $100 million in receivables, and processed more than 150,000 invoices.
"YayPay has empowered my finance team to shift their focus to high-value activities. We no longer have to spend hours manually managing our portfolio of invoices. The product is not only easy to use but also a breath of fresh air for finance automation," said Austin Longfish, Controller at Sharethrough.
"YayPay aligns our finance and sales teams to common revenue and collection goals. We are pleased to see YayPay achieve this milestone so that it can carry on with its plans to provide businesses like ours even smarter back-office automation," said Jason Wechsler, Director Revenue Technical Accounting, PubMatic.
Companies that use YayPay have reduced Days Sales Outstanding (DSO) by up to 25% while dramatically improving A/R productivity because collections teams can more accurately monitor cash inflow and proactively work with slow-paying clients. Finance staff typically report 3x more efficiency and can accelerate cash flow by 10 to 25%, which means millions of dollars more in free cash flow, and massive savings.
Matt Risley, partner at QED Investors, said "The power of YayPay's toolset was clear to me as a former CFO. YayPay's technology eliminates any reason for finance departments to get bogged down in inefficient spreadsheets and post-it-notes, and it works seamlessly with the major ERPs."
"It's critical for a business to understand their cash flow. We know this process can be a hassle, and want to help clients become more efficient. We've been impressed with YayPay's innovative approach to streamlining how small and mid-sized enterprises manage accounts receivable," said Vanessa Indriolo Vreeland, head of acquisitions and strategic investments for Fifth Third Capital. "Fifth Third's investment in YayPay affirms this and our confidence in the team's continued growth."
YayPay accelerates cash flows and improves forecasting by automating accounts receivables management. YayPay's finance workflow software leverages data and automatic payment communications to accelerate collections, improve customer relationships, and predict cash. The platform is underpinned by big data and machine learning algorithms that analyze transactional and behavioral patterns. YayPay was co-founded by Anthony Venus, CEO and Eugene Vyborov, CTO. To learn more, please visit us at www.YayPay.com, or follow us on Twitter or LinkedIn.