This post is by Romain Dillet from Fundings & Exits – TechCrunch
French startup Upflow has raised a $15 million Series A round. The company wants to help you chase late payments. It optimizes how you collect payments from your customers in order to improve your cash-cycle.
Investors in today’s funding round include 9yards Capital, existing investor eFounders, as well as N26 co-founder Maximilian Tayenthal, Uber SVP of Delivery Pierre-Dimitri Gore-Coty, auxmoney co-founder and CEO Raffael Johnen.
People who run a business often tell you that getting paid is a consuming task. When you create an invoice, chances are your customer will wait a few weeks before paying you. Most companies end up with a backlog of outstanding invoices sitting in an Excel spreadsheet.
They keep an eye on their bank account to manually reconcile those payments. And, of course, they often have to send an email or call a customer to tell them that now is the time.
Upflow acts as the central repository to see all your invoices, track payments, communicate with your team and send reminders. But Upflow doesn’t want to replace your existing tools. Instead, the company has built integrations with popular business tools that you’re already using.
For instance, you can connect your Upflow account with QuickBooks, Xero, Netsuite, Chargebee and Stripe Billing. You can charge your clients from your existing invoicing platform. Upflow imports your invoices, clients and payments. When Upflow notices a late payment, you receive a notification and can start sending automated or personalized emails.
The startup also thinks current B2B payment methods are (Read more...)