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.