French startup Upflow has raised a $15 million Sequence A spherical. The corporate desires that can assist you chase late funds. It optimizes the way you accumulate funds out of your prospects with a purpose to enhance your cash-cycle.
Traders in in the present day’s funding spherical embody 9yards Capital, current investor eFounders, in addition to N26 co-founder Maximilian Tayenthal, Uber SVP of Supply Pierre-Dimitri Gore-Coty, auxmoney co-founder and CEO Raffael Johnen.
Individuals who run a enterprise usually let you know that getting paid is a consuming job. Once you create an bill, likelihood is your buyer will wait just a few weeks earlier than paying you. Most corporations find yourself with a backlog of excellent invoices sitting in an Excel spreadsheet.
They keep watch over their checking account to manually reconcile these funds. And, after all, they usually must ship an e-mail or name a buyer to inform them that now could be the time.
Upflow acts because the central repository to see all of your invoices, monitor funds, talk together with your crew and ship reminders. However Upflow doesn’t need to change your current instruments. As an alternative, the corporate has constructed integrations with widespread enterprise instruments that you just’re already utilizing.
For example, you’ll be able to join your Upflow account with QuickBooks, Xero, Netsuite, Chargebee and Stripe Billing. You may cost your shoppers out of your current invoicing platform. Upflow imports your invoices, shoppers and funds. When Upflow notices a late cost, you obtain a notification and may begin sending automated or customized emails.
The startup additionally thinks present B2B cost strategies are outdated. Within the U.S., too many corporations nonetheless depend on paper checks. In France, copying IBAN info from an e-mail to your checking account might be cumbersome.
Once you ship an bill utilizing Upflow, prospects get a hyperlink with a number of cost strategies. You may join your Upflow account with Stripe Funds to allow card funds as an example. And the startup is slowly constructing a community of corporations which have used Upflow in some unspecified time in the future. 1.5 million corporations have interacted with the product — it represents over $1 billion in funds.
“We’re on a mission to revolutionize the way in which that corporations receives a commission. At Upflow, we offer an answer that provides connectivity and readability to an organization’s cost and invoicing stack. The place techniques have been beforehand closed and disconnected, Upflow’s platform allows clean and clear processes,” co-founder and CEO Alexandre Louisy mentioned in a press release.
With in the present day’s funding spherical, the corporate plans to increase to the U.S. Upflow already has just a few prospects there, equivalent to Lattice, Entrance and Adikteev, nevertheless it’s only a begin. The startup will open an workplace in New York.
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