Routable, a San Francisco-based B2B payments startup, has raised $30 million in a Series B funding round led by Sam Altman, CEO of Open AI and former president of Y Combinator, and Jack Altman, CEO of Lattice.
Flexport and a host of angels joined the round for Y Combinator graduate Routable, which automates account payable and receivables, handling bill processing and invoice routing withy direct connections to accounting software.
Since emerging from stealth last summer, Routable has grown revenue by 380% as firms sign up to a package promising to overcome the problems associated with custom-built business payment software.
The new funding will be used to scale its team to expand upmarket into the enterprise space.
“There’s a huge market opportunity for us to address here with the B2B payments industry projected at approximately $125T, with ACH, Cash & Check representing about $122T of that market opportunity,” says Omri Mor, CEO, Routable.