US-based B2B payments platform, Routable raised US$ 30 million in Series B funding round on 15 April 2021.
Investors: The funding round was led by Sam Altman, CEO of Open AI and former president of Y Combinator, and Jack Altman, CEO of Lattice. Other participants included Flexport and angel investors, Max Mullen (Instacart), Joe Gebbia (Airbnb), Aaron Levie (Box), Marc Benioff (TIME Ventures), Gokul Rajaram (DoorDash), Lachy Groom (formerly of Stripe) and Scott Belsky (Behance). Routable has raised US$ 46 million to date.
Purpose of the funding: The funds raised will be used by the company to scale its team to expand upmarket into the enterprise space.
About Routable
Founded in 2017 by Tom Harel and Omri Mor, Routable makes sending and receiving business-to-business payments easier. Its secure invoice and bill payment platform helps companies to speed up their business payments. Routable is primarily a remote team, with headquarters in San Francisco and Seattle.
Routable offers modern enterprise finance software that combines 15 discrete AP/AR functions to automate 95% of the manual payments processes like – updating accounting systems, processing compliance in bulk and more. It allows companies to focus on the tasks that matter most.
What the CEO has to say: “There’s a huge market opportunity for us to address here with the B2B payments industry projected at approximately US$ 125T, with ACH, Cash & Check representing about US$ 122T of that market opportunity. We’ve intentionally partnered with a new roster of investors from companies like Box, OpenAI, Instacart, Salesforce, DoorDash and more, with deep enterprise and high-growth experience. With their guidance, we will scale our team to build the best solution for high volume enterprise business payments.” — Omri Mor, Routable co-founder and CEO.
What the investors have to say: “The explosion of the gig economy over the past several years and the more recent boom in the creator economy are leading to a massive rise in the volume of both payments and payees creating a real business payment headache. Routable has built an incredible product and team to tackle these pain points and has quickly become the backbone of some of the fastest-growing businesses. With the addition of enterprise capabilities, we think this can lead to an enormous business and we’re thrilled to be supporting them as they scale.” — Sam Altman, lead investor and former president of Y Combinator.
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