Paris-based Upflow announced that it raised USD 15 Million in Series A funding round. This round was led by 9yards Capital with the participation of existing investors like N26 co-founder Maximilian Tayenthal, Raffael Johnen, co-founder and CEO Auxmoney, eFounders and Uber SVP of Delivery Pierre-Dimitri Gore-Coty.
After this transaction, the former CEO and Co-founder of Westwing, Andrew Nutter will join Uplow as a board member. In 2020 the company was also part of Y Combinator.
In a statement, Upflow stated that the amount raised will be used to develop products and financial services. It is also looking forward to expanding its distribution in the US by setting new offices in New York.
Words from the investors –
David Fisher, the Managing Partner at 9Yards Capital, says: “Through our repeated investments in the fintech space, we believe that B2B payments are going to be transformed in the next decade. The opportunity in front of Upflow is incredible, and we’ve been impressed by their product-led approach to a well-known, but unsolved issue. They’re very well positioned to help transform the payment processes that have been broken for some time, and we look forward to playing our part in their journey.
About Upflow –
Upflow was initiated by Alexandre Louisy, Barnaby Malet,and Thibaud Elziere in April 2018. The company provides a SaaS solution that allows customers to fundamentally modernise their cash-cycle completely.
The company processes more than USD 200 Million worth of invoices per month, for more than 1.5 million companies. Upflow partners with payment gateways like GoCardless and Stripe offer the users a centralized hub to manage communication with payments and customers.
Barnaby Malet, Upflow co-founder and CTO, says: “We’re craftspeople that believe finance teams should benefit from simple, high-quality experiences that are on-par with the leading consumer apps. We have a pragmatic, fact-based approach, and we want everything about the company to be state-of-the-art: our HR policies, our processes, and our stack. We look forward to continually raising the standard for finance teams across the globe.”
Alexandre Louisy, CEO of Upflow, explains the situation as it stands, and the company’s mission
“We are on a mission to revolutionise the way that companies get paid. At Upflow, we provide a solution that adds connectivity and clarity to a company’s payment and invoicing stack. Where systems were previously closed and disconnected, Upflow’s platform enables smooth and clear processes.”
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