LONDON, Oct. 11, 2022 – Payable – a new platform to streamline payment operations and automate business bank transfers for the internet economy – today announces a $6 million seed round. The round was co-led by CRV and Earlybird Venture Capital with participation from Conversion Capital, Clocktower Ventures, and angel investors including Francesco Simoneschi CEO of TrueLayer, Hristo Borisov CEO of Payhawk, Nik Milanović founder of This Week in FinTech and the FinTech fund, Bitpanda founders, Dileep Thazhmon CEO of Jeeves, and many other founders and operators in the space. 

The idea for Payable was conceived by co-founders Daniel Yubi and Raz Musca, who built the marketplace solution while at Checkout. Doing so helped them realize how hard it is to manage payment operations.

“It is one of those problems you don’t notice until you are working directly with the finance operations team and see their challenges firsthand,” states Yubi. “We literally watched them use a spreadsheet with one hand to count payments and cash with a bank file on the other hand to manually send money to their customers. It was both inefficient and antiquated. Once we saw the problem, we knew there had to be a better way and became determined to create it.” 

Payable solves payment reconciliation for companies data matching products and integrating with corporate bank accounts. It provides both an API and a dashboard that enables marketplaces, lenders and fintechs to manage money movement from a single interface. Currently companies have to deal with bank files such as EBICs and spreadsheets and use engineering and finance professionals to understand why payments happened. This becomes increasingly difficult as companies scale. 

“Today, it is easy to accept payments but to understand where money is, it is quite difficult. The vision we have for Payable is that any product manager in a company is empowered to launch a new fintech product, a product that ‘moves money”’ without freaking out their finance team”, said Daniel Yubi. 

Building payments operations software requires unique technical expertise at the intersection of payments, banking and finance. While there are some companies starting to appear in the PaymentOps space, what distinguishes Payable is its deep founding-team / market fit in this new emerging category. 

“What excited us most about investing in Payable is that Daniel understands the core problem fintechs struggle with and has created a platform that can automate the entire payment lifecycle,” said James Green, partner at CRV. “We have tremendous confidence in their ability to deliver on their mission as they have assembled a team with similar backgrounds coming from companies such as Curve, TrueLayer, 11FS and Stripe.” 

“As we got to know Daniel and his team over time, it became clear to us that the founders have lived the pain point and possess the domain knowledge to build the best product to solve for it. The team’s vision redefines the possibilities enabled by automating money movement” said Tim Rehder, Partner at Earlybird. 

A remote first company with headquarters in London, Payable is building a team of payment experts at the intersection of banking and payments. It will use the seed funding to scale the organization and add new integrations with banks across the United Kingdom as well as expand its coverage to other European countries beyond the U.K. 

About Payable 

Payable provides payment operations software for companies. It enables businesses to scale and automate the lifecycle of money movement with a single API and dashboard. The company is founded by Raz and Daniel and employees from Checkout.com, Stripe and Truelayer. 

About CRV 

CRV is a venture capital firm that invests in early-stage startups. Since 1970, the firm has invested in more than 500 startups at their most crucial stages, including Airtable, DoorDash and Iterable. Founders need more than capital to build a great company. It takes a partner who understands the entrepreneurial journey and knows what it takes to win. From founding to IPO and beyond, CRV is there every step of the way. Founders rely on CRV to be trusted, long-term, committed partners, which has helped make CRV into one of the longest-running venture capital firms in the world. Learn more about CRV and the companies shaping the future at https://www.crv.com. 

About Earlybird 

Earlybird is a venture capital investor focused on European technology companies. Founded in 1997, Earlybird invests in all growth and development phases of a company and supports its portfolio companies with financial resources, strategic support, as well as access to an international network and capital markets. Earlybird invests out of a family of focused and independently-managed funds: Digital West (Western Europe), Digital East (Emerging Europe), Healthcare, UNI-X (University spinoffs), and Growth Opportunity. With EUR 2 billion under management across all fund streams, 8 IPOs, and 30 trade sales, Earlybird is one of Europe’s most established and active venture capital firms. Learn more at www.earlybird.com.