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April 16, 2021

B2B payments startup Routable raises $30m to enter enterprise space

By Shalini mani

B2B payments startup Routable has raised $30m in Series B funding round to foray into the enterprise space by strengthening its team.

The round was led by Open AI CEO Sam Altman and Lattice CEO of Jack Altman, who was formerly the president of Y Combinator.

Flexport also participated in the financing along with angel investors, including Max Mullen, Joe Gebbia, Aaron Levie, Marc Benioff, Gokul Rajaram, Lachy Groom, and Scott Belsky.

Launched in last August, Routable is said to have grown its revenue by 380%. With its foray into the enterprise market, the fintech aims to replace internal tooling built for custom business payment flows.

The firm’s modern enterprise finance software brings together 15 discrete AP/AR functions to automate 95% of the manual payments processes.

Routable co-founder and CEO Omri Mor said: “There’s a huge market opportunity for us to address here with the B2B payments industry projected at approximately $125T, with ACH, Cash & Check representing about $122trn of that market opportunity.

“We’ve intentionally partnered with a new roster of investors from companies like Box, OpenAI, Instacart, Salesforce, DoorDash and more, with deep enterprise and high-growth experience. With their guidance, we will scale our team to build the best solution for high volume enterprise business payments.”

Commenting on the development, Altman added: “Routable has built an incredible product and team to tackle these pain points and has quickly become the backbone of some of the fastest growing businesses.

“With the addition of enterprise capabilities, we think this can lead to an enormous business and we’re thrilled to be supporting them as they scale.”

Earlier this month, UK-based Sokin launched a new cross-border payments platform for large organisations and corporates.

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