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Former Checkout Team Raises $6M to Build the Modern Infrastructure of Money Movement

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 have 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.

Source Earlybird DWES Management GmbH & Co. KG

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