Fintech startup YayPay just raised another $8.4 million for its software-as-a-service solution focused on collecting money from outstanding invoices. The company participated in TechCrunch’s Startup Battlefield several years ago.
Information Venture Partners led today’s funding round with existing investors Birchmere, QED, Fifth Third Capital, Gaingels and 500 Fintech Fund also participating.
YayPay targets large companies with an accounting department. The startup provides the perfect service to handle unpaid invoices. YayPay analyzes previous invoices and predicts when you’re supposed to get paid depending on the client and the nature of the invoice. This way, you know which account needs your attention right now.
Teams can collaborate to send reminders and make sure everyone is on the same page. You also can view information about your client directly in YayPay thanks to CRM and ERP integrations.
YayPay also eliminates a bunch of pesky tasks, such as gentle email reminders. You can create automated workflows so that your clients get an email a few days before a payment deadline. If they don’t open the email, you can receive a notification telling you to call them. Customers also can pay invoices directly using YayPay. The platform supports ACH and credit cards.
While this seems like a niche product, the company has managed to attract 480 clients that have generated more than $7 billion in accounts receivables. This represents a 500 percent user base increase over the last 12 months.