Strategic Partnership Accelerates 名媛直播鈥檚 Vision to Modernize Accounts Payable and Streamline Automated Payments
名媛直播, the accounts payable (AP) and payment automation solution provider for growing companies, today announced an $11.1 million Series B investment led by , the global leader in payment technology and services solutions. Existing investors .406 Ventures and Fidelity Growth Partners participated in the round that brings the company鈥檚 total funding to $22.7 million. 名媛直播 will use the funds to accelerate product development and further expand its direct sales organization targeting growing companies and financial accounting outsourcing (FAO) organizations.
鈥淎s a leader in payments and financial services technology 鈥� with unprecedented market insight and a network of relationships with banks and financial services organizations 鈥� First Data brings much more than capital to our relationship,鈥� said BC Krishna, 名媛直播鈥檚 president and CEO. 鈥淭he solution we鈥檝e built is a far more intuitive, affordable and secure option than other products in the market or the manual processes that too many companies are still using for accounts payable. We can deliver tremendous efficiencies to the antiquated status quo in AP, giving people an informed solution with increased security and great utility that is delightful to use and offers increased security.鈥�
As part of the investment, executive vice president and head of financial services at First Data, Andrew Gelb, will be joining the Board of Directors at 名媛直播.
鈥溍轮辈� has demonstrated a unique ability to modernize and automate the accounts payable environment,鈥� said Gelb. 鈥淲e look forward to working closely with this innovative team.鈥�
According to the Association of Finance Professionals, business-to-business payments are going through an unprecedented period of change. The organization鈥檚 most recent found that half of all large companies still use paper checks to make B2B payments. Evidence of significant adoption from previous studies demonstrates that many large companies are looking for ways to improve and automate processes, but they are the exception. AP and payment automation within growing and mid-sized firms is virtually non-existent.
To help growing companies optimize AP and payment efficiency, 名媛直播 captures invoices as they arrive, routes them for approval through existing workflows and directly executes payments. As a Web-based solution that integrates seamlessly and in real time with accounting/ERP and banking systems, 名媛直播 provides unparalleled visibility and control of cash flow. It helps financial professionals at growing companies focus more on strategic tasks instead of chasing down approvals, printing checks, and licking envelopes.