Routable, a San Francisco-based B2B payments startup, has moved out of stealth mode after raising $16 million, with $12 million in Series A funding.
A Y Combinator graduate, Routable automates account payable and receivables, handling bill processing and invoice routing withy direct connections to accounting software.
Emerging from the University of Washington's fintech incubator in 2018, Routable was established to overcome the problems experienced by firms using custom-built business payment software.
The company is currently working with customers including Garmentory, Re/Max, and Snackpass.
“Sending 1,000 business payments per month is a much different proposition than sending 10,000 or 100,000 monthly payments,” says Routable co-founder and CEO Omri Mor. “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.”
He says the new funding will be used to add new features and develop a mid-market product for larger teams.