YayPay celebrates $8.4m funding for data science drive
Fintech start-up YayPay has raised $8.4 million in funding to push its back-office automation solutions for the finance operations of mid-sized enterprises.
According to YayPay, the firm will use the funding to pursue product development in data science, advanced-level product features, and sales team expansion.
The funding is led by Information Venture Partners, with participation by existing shareholders, including Birchmere, QED, Fifth Third Capital, Gaingels, and 500 Fintech Fund. A new supporting institutional investor, Runway Venture Partners, also joined the round.
This funding brings the company’s total amount to date as $14 million dollars.
“Using modern software, powered by data science and machine learning, we are helping finance and accounts receivables teams to hit their monthly credit and collections goals while driving costs lower,” says Anthony Venus, co-founder and CEO of YayPay. “We are developing predictive credit models and building a credit-to-cash workflow specifically designed for the modern accounts receivables team.”
YayPay says its back-office Software-as-a-Service (SaaS) uses machine learning algorithms that analyse transactional and behavioural patterns to help accounts receivables operations accelerate collections, boost finance team productivity, manage customer risk, and predict cash flow with greater accuracy.
Over the last 12 months, YayPay has grown its user base by over 500% to 480 users, and increased total accounts receivables on the platform to more than $7 billion dollars.
YayPay is an alumnus of the FinTech Innovation Lab, which was co-founded by the Partnership Fund for New York City and Accenture.