Upflow (eF18) Raises $2.8M to Help Companies Get Paid On Time
Upflow (eF18) wants to help B2B businesses across Europe say goodbye to excel sheets and hello to timely, predictable payments. The startup, launched as part of our eF18 batch, has raised Seed round totalling $2.8M including Kima Ventures and prominent business angels. Their team of 18 is on a mission to transform the way traditional businesses get paid, and bring them the best that technology and banking have to offer.
The rise of the modern CFO
Payments lie at the heart of operational excellence, yet finance teams still have to fight an uphill battle in order to get a clear picture of their business’ financial health. When it comes to tracking incoming payments, finance teams are left in the dark. The order-to-cash cycle is broken, and CFOs have no tools to track, follow-up, and resolve overdue payments.
A new generation of finance solutions is emerging to empower CFOs and business teams. Building on top of existing tools, Upflow and other players in the space are helping shift the modern CFO’s scope from data collection to strategic planning. And it starts with pushing new boundaries.
Building a new payment stack
The Upflow team are hard at work creating a new way for finance teams to manage payments. Their product features a SaaS platform to track unpaid invoices and automate dunning for overdue payments. Their solution also encompasses a payment account offering new payment methods beyond wire transfers, which remain to this day the only option available to traditional B2B businesses. With Upflow, these companies can now accept payments by direct debit and credit card from their customers.
The product team are building on the traditional backbone of finance teams, with integrations to invoicing, CRM, accounting, and ERP solutions. Finance teams can synchronize their data across their tools and enable powerful automation for dunning, payment tracking, and other repetitive tasks. Upflow is also becoming the go-to solution for sales and executive teams to monitor their financial KPIs in real-time.
The new standard for B2B businesses across Europe
Their team of 18 is on a mission to build a new way for businesses to get paid, a sector which has remained unchanged since wire transfers replaced checks some 30 odd years ago. The next major milestones: turning Upflow into a full-fledged payment platform with a view towards European-wide expansion.
And they need all the help they can get: they’re currently hiring across engineering and business roles to confirm the giant strides they’ve taken since leaving the studio one year ago. And take their ambition to the next level.
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