YayPay’s momentum going into hyperdrive thanks to $5.3M in funding
Today marks an incredibly important milestone for YayPay. We just announced the raising of $5.3 million in funding to further our drive to bring automation to the back-office finance operations of small and mid-sized enterprises. The funding puts YayPay at a major inflection point in which we can accelerate our momentum by recruiting more great talent, roll out a full suite of intelligent order-to-cash automation software, and increase sales activities.
You can read the press release here.
Eugene Vyborov and I co-founded YayPay with a vision to help finance teams perform their most valuable work, and we’re doing exactly that. We released our first software module in January, have collected over $100 million in receivables, and processed more than 150,000 invoices. With modern software powered by machine learning, we’re turning finance teams into revenue heroes by giving them workflow tools that finally match in robustness those used by their sales and marketing departments.
Companies that use YayPay are seeing their Days Sales Outstanding (DSO) reduced by up to 25% while dramatically improving A/R productivity because their collections teams can more accurately monitor cash inflow and proactively work with slow-paying clients. Finance staff typically report 3x more efficiency and can accelerate cash flow by 10 to 25%, which means millions of dollars more in free cash flow, and massive savings.
Here’s what some of our customers are saying in today’s announcement:
“YayPay has empowered my finance team to shift their focus to high-value activities. We no longer have to spend hours manually managing our portfolio of invoices. The product is not only easy to use but also a breath of fresh air for finance automation,” said Austin Longfish, Controller at Sharethrough.
“YayPay software aligns our finance and sales teams to common revenue and collection goals. We are pleased to see YayPay achieve this milestone so that it can carry on with its plans to provide businesses like ours even smarter back-office automation,” said Jason Wechsler, Director Revenue Technical Accounting, PubMatic.
I’d also like to thank QED Investors for taking the lead in the funding with co-investors Birchmere and Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, and with support from 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars, and Zelkova.
Matt Risley, partner at QED Investors, said
“The power of YayPay’s toolset was clear to me as a former CFO. YayPay’s technology eliminates any reason for finance departments to get bogged down in inefficient spreadsheets and post-it-notes, and it works seamlessly with the major ERPs.”
Vanessa Vreeland Indriolo, head of acquisitions and strategic investments for Fifth Third Capital, said
“We’ve been impressed with the YayPay team’s innovative approach to streamlining how small and mid-sized businesses manage accounts receivable and understand their cash flow. Fifth Third’s investment in YayPay affirms this and our confidence in the team’s continued growth.”
“Back office, order-to-cash operations are lagging the technology curve when compared to many other business workflows. With advancements in technologies like robotic process automation, AI and machine learning, this is about to change very quickly. YayPay has the technology and the momentum to be at the forefront of this back-office technology revolution,” said Birchmere Ventures partner Ned Renzi.
I’m proud of what everyone at YayPay has accomplished so far given the momentum we’ve built in such a short amount of time. Most of all, I’m excited about the times ahead as we grow our team, advance our capabilities, and turn finance teams into revenue heroes!