Led by Information Venture Partners, this funding round brings our total funding to date to $14 million.
Information Venture Partners is a well-known fintech and enterprise SaaS investor that has backed many success stories across North America, including Adaptive Insights in the FP&A space, which was recently sold to Workday for $1.55 billion dollars. Rob Antoniades, Co-Founder and General Partner of Information Venture Partners, will be joining YayPay’s board of directors and he adds a great depth of experience in building early stage companies in the back-office finance space.
Showing their ongoing support and participating in the new investment round are our existing shareholders, including Birchmere, QED, Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, Gaingels, and 500 Fintech Fund. A new supporting institutional investor, Runway Venture Partners, also joined the round.
On this special day, we raise a salute to our Revenue Heroes.
We salute you, North America’s accounts receivables (AR), credit and collections teams. You are the real Revenue Heroes of every organization! After all, the moment we issue an invoice, the customer experience continues through the payment cycle and onwards once the product or service is received. It’s clear to us that the AR department is integrally linked to a company’s overall success and its ability to ultimately drive customer loyalty.
You are the reason the YayPay team exists. We think that there is a better way to stay on top of collections than simply using spreadsheets and disconnected CRM and ERP systems. So, we created YayPay. And it’s really taking off.
Over the last 12 months, you’ve validated our work. YayPay has grown its user base by over 500% to 480 users, and increased total AR on the platform to more than $7 billion dollars. We are continuing to develop for our customers the workflow tools that match and exceed the robustness of those used by their sales and marketing counterparts. Our latest funding means that we can bring even more innovation to AR management, including:
more product development in data science and advanced-level product features;
developing predictive credit models;
building an entire credit-to-cash workflow specifically designed for the modern accounts receivables team; and
continuing to loop sales and customer service into the finance workflow to ensure smoother cooperation.
We will be reaching out to a number of our customers over the coming weeks and months to help us in our next phase of product design. If you would like to contribute your ideas to help us build the best AR management software on the planet, we would be very grateful.
Our goal is to support America’s AR, credit and collections teams to hit their monthly goals by providing the most modern, effective, intelligent, and user-friendly software on the planet, powered by data science and machine learning. You are the reason why we won’t stop innovating until we make your important job an easier one. With a fast-growing customer base, committed Yay-team members, and being well-funded, our future is bright. We are so grateful that you, our Revenue Heroes, are a big part of that.