SAN FRANCISCO — Fintech startup YayPay has raised $5.3 million in funding led by QED Investors along with co-investors Birchmere and Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, with support from 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars, and Zelkova.
The funding will aid YayPay’s drive to bring automation to the back-office finance operations of mid-sized enterprises. YayPay will use the funding to grow headcount, pursue product development, and increase sales activities.
“With modern software powered by machine learning, we aim to turn finance teams into revenue heroes by giving them workflow tools that finally match in robustness those used by their sales and marketing departments. The funding puts YayPay at a major inflection point in which we can now recruit more great talent, roll out a full suite of intelligent order-to-cash automation software, and accelerate sales activities,” said Anthony Venus, co-founder and CEO of YayPay.
YayPay’s powerful back-office SaaS applies process automation, machine learning, and AI to accounts receivables operations to accelerate collections, boost worker productivity, improve customer relationship management, and predict cash flow with greater accuracy. YayPay released its first software module in January and has collected over $100 million in receivables, and processed more than 150,000 invoices.
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.”
“It’s critical for a business to understand their cash flow. We know this process can be a hassle, and want to help clients become more efficient. We’ve been impressed with YayPay’s innovative approach to streamlining how small and mid-sized enterprises manage accounts receivable,” said Vanessa Indriolo Vreeland, head of acquisitions and strategic investments for Fifth Third Capital. “Fifth Third’s investment in YayPay affirms this and our confidence in the team’s continued growth.”