B2B payments company Accrualify raises its first venture round of $600K+ to enhance its all-inclusive procure-to-pay platform.
SAN MATEO, CA May 9, 2017 – Silicon Valley based FinTech startup Accrualify, Inc. announced it raised the company’s first venture backed investment round totaling approximately $600,000. The funding round was led by Scott Lee and Swan Venture Fund, a Seattle based seed fund.
Accrualify will allocate the newly raised capital toward enhancing its suite of spend and vendor management solutions. The company will also focus on expanding operations to grow sales and satisfy increasing product demand. Accrualify has a growing list of customers that includes BitTorrent, ThoughtSpot, TapClicks, and more.
“We are thrilled to have closed on this round of funding, which helps validate our success and growing customer base. It will allow us to expand aggressively in the U.S.,” said Benjamin Portusach, CEO of Accrualify. “We are a comprehensive solution in a fragmented sector. Our partnerships with top-tier organizations like Silicon Valley Bank and NetSuite allow us to provide a compelling solution to our customers.”
Currently, Accrualify’s flagship SaaS product is the Spend Management Platform. This platform automates and streamlines all processes enterprise-level accounting teams must complete daily as part of the spend and vendor management cycles. Some key features of the Spend Management Platform are automated accruals, a self-serve vendor portal, and integrated electronic payments.
Add-on modules include PO Manager, Invoice Automation, Payments, and the Vendor Portal. Accrualify’s solution can be deployed with a full-outsource option that provides customers an automated accounts payable department at their fingertips. Accrualify customers have seen up to a 40% increase in vendor responsiveness to accrual, invoice and general requests, as well as significant time savings in month- and quarter-end closings.