We’re excited to announce that Routable has raised $12 million in Series A funding from Founders Co-op, Lee Fixel, Y Combinator, Box Group, Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund, and many others.
Routable’s mission is to remove the burden of the bill payment and invoicing processes, so that businesses can focus on scaling their core product offerings without worrying about payments. We’re excited to continue this journey with our customers, team members, advisors, and investors.
Over the last two years, we have succeeded in working with startup and small business customers to simplify their businesses payments. Our customers grew rapidly and pushed our team to build solutions that will help them scale into the future. With this funding, we look forward to sharing our product with a wider audience of SME and Enterprise businesses, who feel the unwieldy burden of managing and growing their Accounts Payable and Accounts Receivable processes.
Routable emerged out of our personal experiences scaling business payments. In previous roles, both Tom and I were tasked with building custom business-to-business payout solutions that serviced business entities, like restaurants and online stores, as well as independent contractors. We realized that we faced similar challenges while building custom in-house solutions and set out to discover if the pain points we experienced processing invoices and payments were widespread. Over a nine month period, we interviewed over 150 CFOs and Finance leaders across 300 meetings. Through those conversations, we identified a clear path to building a better future for finance, operations, and engineering teams who needed to scale business payouts and invoicing.
The three biggest issues we ran into were: 1) the time to process a business payment averaged at least 15 min and took over ten steps; 2) automating payments meant either building an internal engineering team or hiring outside help to power through documentation and data entry; and 3) no matter how much work a company invested, it was nearly impossible to share segmented payment information safely and securely across departments.
With this Series A, the Routable team is excited to continue to serve companies as they expand their business payments volume, helping them save time, easily onboard their vendors and customers, and share their payments data across every tool and department.
Now, we are looking for the best engineers and operators to join our team. If you want to help us on our mission to remove the burden of business payments, we are hiring.