Peakflo, a cloud-based revenue collection software for businesses, has secured $4.1M seed funding from Y Combinator, Rebel Fund, Amino Capital, Soma Capital, GMO Fintech Fund, CE Fintech Capital, GFC, and EF. Various angel investors such as Oliver Jung, Amrish Rau, Alexander Kudlich, and the XA network also participated.
“We are grateful to our investors for their belief in our team and vision. We are delighted to have them on board as we build a centralized finance operations software for mid-sized companies and growth-stage startups in SE Asia,” says Saurabh Chauhan, Co-founder & CEO.
Streamlining payment methods
Founded by Saurabh Chauhan and Dmitry Vedenyapin in 2021, Peakflo with its simple API and one-click accounting software integrations, allows businesses to streamline their customer collections and vendor payments.
To be precise, Peakflo helps companies manage their cash flow immediately and transform how companies collect payments and pay vendor bills.
The Singapore-based platform also features a communication channel connecting businesses and customers via social media platforms regarding payment reminders and debt collection.
Today, over 50 fast-growing startups and mid-sized companies in SE Asia use Peakflo to put their receivables and payables on autopilot, claims the company.
These businesses have been able to get paid faster by up to 20% and cut their bill pay times in half. The company wants to hit 100 customers next month and reach $1M annual recurring revenue (ARR) in early 2023, reports TechCrunch.
Peakflo works similar to Bill.com, and around 187 finance team users, from early-stage startups to unicorns in Southeast Asia, uses Peakflo services.
“Traditionally, finance operations workflow is split across fragmented silos: ERPs, banks, and spreadsheets, leading to an expensive and cumbersome receivables and payables process. Peakflo helps these companies spend more time on growing their business and less on managing collections and payouts,” adds Chauhan.