Developing payments operations software necessitates specialised technical knowledge at the intersection of payments, banking, and finance. While some companies are beginning to emerge in the PaymentOps space, Payable stands out due to its deep founding-team / market fit in this new emerging category.
Payable, a fintech platform for streamlining payment operations and automating business bank transfers for the internet economy, has raised $6M in seed funding. The round was co-led by CRV and Earlybird Venture Capital, with participation from Conversion Capital, Clocktower Ventures, and angel investors including TrueLayer CEO Francesco Simoneschi, Payhawk CEO Hristo Borisov, Nik Milanović founder of This Week in FinTech and the FinTech fund, Bitpanda founders, Dileep Thazhmon CEO of Jeeves, and many other founders and operators in the space.
How did this idea come?
Daniel Yubi and Raz Musca, co-founders of Payable, developed the marketplace solution while working at Checkout. This made them realise how difficult it is to manage payment operations. “It’s one of those issues that you don’t notice until you work directly with the finance operations team and see their challenges firsthand,” Yubi explains. “We literally watched them count payments and cash with a spreadsheet in one hand and manually send money to their customers with a bank file in the other.” It was inefficient and out of date. We knew there had to be a better way after seeing the problem and became determined to create it.”
Payable helps businesses with payment reconciliation by data matching products and integrating with corporate bank accounts. It offers an API as well as a dashboard, allowing marketplaces, lenders, and fintechs to manage money movement from a single interface. Companies are currently required to deal with bank files such as EBICs and spreadsheets, as well as engineering and finance professionals, in order to understand why payments occurred.
Expansion plans
Payable is assembling a group of payment experts at the crossroads of banking and payments. It will use the seed funding to scale the organisation, add new integrations with banks across the United Kingdom, and expand its coverage beyond the United Kingdom.
“Today, it is easy to accept payments but to understand where money is, it is quite difficult. The vision we have for Payable is that any product manager in a company is empowered to launch a new fintech product, a product that ‘moves money”’ without freaking out their finance team”, said Daniel Yubi.
“What excited us most about investing in Payable is that Daniel understands the core problem fintechs struggle with and have created a platform that can automate the entire payment lifecycle,” said James Green, partner at CRV. “We have tremendous confidence in their ability to deliver on their mission as they have assembled a team with similar backgrounds coming from companies such as Curve, TrueLayer, 11FS and Stripe.”
“As we got to know Daniel and his team over time, it became clear to us that the founders have lived the pain point and possess the domain knowledge to build the best product to solve for it. The team’s vision redefines the possibilities enabled by automating money movement” said Tim Rehder, Partner at Earlybird.
