French FinTech Payflows has raised $26 million for its all-in-one platform for finance teams.
The company announced the funding on LinkedIn on Monday (April 22) as it emerges from stealth, saying its platform “frees up finance teams from tedious manual tasks.”
In less than 18 months, Payflows said, “We have built the best suite of procurement, payments, cash management, and cash collection modules in its category and integrated them into an all-in-one platform.”
“We are forever grateful to our first customers, part of Europe’s most advanced finance and procurement teams, who believed in our big vision and strong team. The motive is to make their lives easier.”
And that's what most organizations want in 2024, as PYMNTS wrote last week.
“More organizations are recognizing the need to update and modernize processes that were previously manual and paper-based, but are also critical to business functions,” Bank of America Complete said Kat Battle, AP Product Manager. he told PYMNTS in an interview last November.
Battle said of a recent client he worked with who was “hand-signing and mailing 7,000 checks a month.”
The situation left the company open to fraud, she said. Apart from reducing costs associated with accounts payable (AP) modernization, it can also help automate traditional bottlenecks to make payments more secure for your business.
“AP automation solutions can automate 75% of the manual steps required by paper-based methods, leaving only the control parts of the process, such as invoice approval and payment approval,” she said. .
PYMNTS expects CFOs to make streamlining their accounts receivable (AR) processes a top priority to free up liquidity trapped in inefficient systems and put their businesses on a more stable financial footing. It is written.
“And ultimately, by addressing their biggest concerns, CFOs can better position their companies to weather global economic uncertainty and ensure not just survival but growth and sustainable success.” “It can also ensure sexual health,'' the report states.
“This position, which looks not only at financial analysis, reporting, and management, but also at value creation and how those resources are leveraged to drive value creation for the company, will have the potential to CVO might be a better title,” LiquidX CFO Abhishek Khandelwal told PYMNTS.
“It is very important to strike a balance between being financial stewards of the company while also supporting innovation that will drive future growth.”
