Upflow (eF18) grabs $15m Series A to revolutionize how B2B businesses get paid
Launched as part of our eF18 batch, Upflow enables businesses to effortlessly collect customer payments. Today, we’re delighted to announce Upflow’s $15m Series A with participations from 9yards Capital, and industry-leading angel investors including Maximilian Tayenthal of N26, Raffael Johnen of auxmoney, and Pierre-Dimitri Gore-Coty of Uber.
Late payments are a tech problem
It’s been a whirlwind couple of years since Upflow left our studio. Founded by Alexandre Louisy (CEO) and Barnaby Malet (CTPO), the company raised a seed round, joined Y Combinator’s W20 batch and today enters a new phase of growth 👏
Businesses still use yesterday’s methods to get paid — tracking late payers in spreadsheets, relying on archaic payment methods. It’s a high-friction and error-prone process. This, in turn, leaves finance teams in the dark when it comes to tracking incoming payments and inevitably leads to late payments.
Upflow enables companies to deliver a much better payment experience. Its SaaS solution takes away a lot of the tedious, manual tasks and empowers finance teams to take control of their entire cash cycle, and eradicate late payments — once and for all.
“There is a common misconception that ‘late payments’ are only a symptom of big companies holding smaller vendors to long payment cycles. Upflow sees it differently: late payments are a tech problem, as B2B payments haven’t changed for decades.” says Alexandre Louisy, CEO and co-founder of Upflow.
Raising the standard for finance teams
Upflow has constantly evolved its product with its user in mind: business teams. With rich analytics and collaborative workflows, Upflow is the definition of a team tool, giving both finance teams and business stakeholders a space where they can smoothly connect.
The team has been hard at work enabling companies with a new payment stack. Upflow now processes more than $200m worth of invoices a month, for over 1.5m transacting companies.
There’s no doubt Upflow’s growth has been product-led so huge kudos to the team on crafting an amazing product with a simple and high-quality experience, on par with the best consumer apps 🎉
Since having joined YC’s W20 batch, Upflow has ramped up activities in the US. A market poised for digitalization, as a huge amount of B2B payments are still based on paper checks. The team has already won key clients such as Lattice, Front, and Adikteev and they will use this new capital to further expand and set up a new office in New York.
This new round of funding will also help Upflow further develop their slick product, with an ambitious roadmap on integrations, payments, and financial services.
To do all this, Upflow will need the help of passionate people! They’re planning to triple the size of the team in the next 12 months. So if you’re looking to join an ambitious venture that’s on its way to revolutionizing B2B Payments (no less), then look no further.