November 27, 2020

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Routable Raises $12M For Digital B2B Services

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Share Tweet Share Share Share Print Email Routable, which aims to simplify the sending and...

Routable, which aims to simplify the sending and receiving of B2B payments, has come off a Series A funding round with $12 million, a press release says.

That comes out to $16 million that the company has raised overall.

The round featured contributions from Y Combinator, Founders Co-Op, Lee Fixel, Box Group, as well as Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund and more, the press release says.

The company plans to use the money to continue growing, including hiring more people and scaling the product.

Routable co-founder and chief executive Omri Mor said the idea behind Routable was to accommodate different companies’ needs for payments.

“Sending 1,000 business payments per month is a much different proposition than sending 10,000 or 100,000 monthly payments,” said Mor. “We believe finance departments deserve the best software and support as they scale and understand that each role has different needs. We built Routable from the ground up to meet the needs of modern teams and provide the tools, integrations, and visibility they need to thrive.”

The company lets professionals import bills any way that suits them, the release says, from emailing to scanning or uploading, and use the API to access bulk processing. The software also streamlines B2B payments by letting the right people approve the right bills in a quick manner, and there is a real-time two-way sync that helps keep ledgers up to date and streamline reconciliation.

And the software automatically routes invoices, collects revenue and updates payment records to aid receivables, the press release states.

The company was founded by Mor and fellow co-founder Tom Harel to help do away with some challenges in B2B payments like late invoices, messy approvals and numerous different communications channels.

Payments have been heading in a digital direction for some time now, expedited by the coronavirus pandemic. PYMNTS reports that the shift away from paper checks could finally happen in a more comprehensive way, due to more people working from home.

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NEW PYMNTS DATA: HOW WE SHOP STUDY – SEPTEMBER 2020

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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