Banking

Routable raises $30m in Series B funding to boost B2B payments

Business-to-business (B2B) payments firm Routable has raised $30 million in a Series B funding round.

Leading the round are investors and brothers Sam and Jack Altman. Sam is CEO of OpenAI and a former Y Combinator president, while Jack is CEO of Lattice.

A handful of angel investors also joined the round. These include Salesforce founder Marc Benihoff, Box co-founder Aaron Levie, and Airbnb co-founder Joe Gebbia.

Seattle-based Routable aims to automate bill payments and invoicing for small and medium-sized enterprises (SMEs). The firm wants to have a hand in each step of the process, from initiation to reconciliation.

The firm claims to have seen revenue growth of more than 380% since its August 2020 Series A. It has already signed partnership deals with QuickBooks, NetSuite, and Xero.

CEO Omri Mor tells TechCrunch that further partnerships are in the works with Oracle, Microsoft Dynamics, and SAP.

This latest injection brings the 2017-founded company’s total raised to $46 million, across six rounds.

“A business payment is more like moving a bill through Congress,” Mor says to TechCrunch, “where a consumer payment is more like a tweet. We automate every step from purchase order to reconciliation and by extending an API, companies don’t have to build their own inner integration.”

Related: Modulr lands undisclosed investment from FIS Ventures


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