French fintech company Payflows has announced that it has managed to raise $26 million in investment funds for its all-in-one platform for financial teams.
The mentioned information was published on the account of the specified firm on the LinkedIn virtual platform last Monday, April 22. The company claims that its platform will save financial teams from having to do boring manual work.
Representatives of Payflows say that in less than 18 months, the firm has developed a set of modules for procurements, payments, and cash collection management. They claim that these solutions are the best in their category and combined into an all-in-one platform.
The company expressed gratitude to its first customers, among whom are some of the best European specialists in the area of finance and procurement, for believing in the large-scale vision of Payflows and a mighty team. In this context, it was noted that the main goal of the firm is to make clients’ lives easier.
It is worth noting that currently, a large number of organizations are striving for solutions similar to the one offered by Payflows. Kat Battle, product manager for Complete AP at Bank of America, says about scaling up the understanding that manual, paper-based processes, which have become something like historically formed specifics, need to be updated and modernized and are extremely important for business functions. In this context, she mentioned a client who manually signed 7,000 checks per month and mailed them. Kat Battle suggests that this state of affairs has made the company vulnerable in terms of the realistic implementation of the risk of fraud.
The modernization of the system of settlements with creditors provides cost savings and automates the away legacy bottlenecks. In this case, the security level of business payments is also increased. Kat Battle says that modern solutions allow you to automate 75% of the manual operations that are necessary for paper methods.
As we have reported earlier, Rippling Announces New Fundraising.
