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Upflow raises $15m to help B2B businesses get paid

Upflow raises $15m to help B2B businesses get paid

Upflow, a Paris-based startup that helps B2B companies get paid, has raised $15 million in a Series A funding round joined by 9yards Capital, eFounders, and angels N26 co-founder Maximilian Tayenthal and Uber executive Pierre-Dimitri Gore-Coty.

Businesses typically use a combination of manual processes and archaic payment methods to get paid, often leading to late payments.

Upflow promises to fix this with its SaaS platform that lets firms take control of their entire cash cycles, we want to help eradicate late payments. The technology integrates with finance tools such as QuickBooks, Xero, Netsuite, and Chargebee, while Upflow also partners with payment gateways like Stripe and GoCardless, to provide business teams with a central hub to better manage communication with customers and payments.

Already processing more than $200 million worth of invoices a month, for over 1.5 million transacting companies, Upflow plans to use the new funding to double down on product development, open an office in New York to accelerate distribution in the US, and triple the size of its team within 12 months.

Alexandre Louisy, CEO, Upflow, says: "We are on a mission to revolutionize the way that companies get paid. At Upflow, we provide a solution that adds connectivity and clarity to a company's payment and invoicing stack. Where systems were previously closed and disconnected, Upflow's platform enables smooth and clear processes.

"By enabling a company to take control of its entire cash cycle, we want to help eradicate late payments. 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."

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