London-based fintech Payable has raised $6.1m (£5.5m) in a funding round for its payment operations platform that “modernises” finances.
Founded in 2022, Payable is aiming to update what it calls “inefficient” and “antiquated” enterprise finance departments processes with payment operations software.
Commenting on the current state of finance teams, Payable co-founder Daniel Yubi said: “It is one of those problems you don’t notice until you are working directly with the finance operations team and see their challenges first-hand.
“We literally watched them use a spreadsheet with one hand to count payments and cash with a bank file on the other hand to manually send money to their customers.”
Payable claims its API and digital financial dashboard allow seamless money management at scale.
The funding round was co-led by CRV and Earlybird Venture Capital and featured participation from Conversion Capital and Clocktower Ventures. The round also saw Payable backed by a series of angel investors including Jeeves CEO Dileep Thazhmon, Payhawk CEO Hristo Borisov, and TrueLayer CEO Francesco Simoneschi.
“What excited us most about investing in Payable is that Daniel understands the core problem fintechs struggle with and has created a platform that can automate the entire payment lifecycle,” said CRV partner James Green.
“We have tremendous confidence in their ability to deliver on their mission as they have assembled a team with similar backgrounds coming from companies such as Curve, TrueLayer, 11FS and Stripe.”