Interface.ai, a customer automation platform for banks and other financial institutions, today announced that it closed a $30 million funding round led by Avataar Venture Partners. $20 million of the round was equity, while the remaining $10 million was in the form of debt. It’s Interface’s first outside capital;...
In a typical organization, finance is one of the most important functions. Yet teams are often bogged down by manual workflows. According to a survey by Paylocity, an HR software provider, 38% of finance teams spend more than a fourth of their time on manual jobs, like reviewing invoices....
Billing might not be something that the average person thinks about on a regular basis. But for companies — particularly those in the business of selling software — it’s massively important. They rely on billing systems to ensure that customers pay on time and have a range of ways...
Construction companies deal with a lot of documents — so many that it can be difficult to process and manage them all. According to one recent survey, a third of construction professionals found accessing documents to be a challenge in completing a project, while a fourth said that inaccurate...
In 1996, two companies, Patersons HR and Payroll Solutions, formed a venture called CloudPay to provide payroll and payments services to enterprise clients. CloudPay grew quietly over the next several decades, adding workflow automation features to maintain pace with upstart rivals. It’s still growing, CFO Andy Thomson assures TechCrunch. Thomson...
After doing some consulting for Microsoft to develop protections against zero-day exploits, software engineer Joran Dirk Greef worked with Coil, a web monetization startup in San Francisco, to help build its payments infrastructure. At the time, Coil was using a traditional database to store and process transactions. But Greef...
The construction industry has a slow payments problem. Studies have found that it takes anywhere from two to three months on average for construction companies to get paid, due to factors such as delays, multiple payment layers and cost overruns. The cost of sluggish construction contract payments climbed to...
Joseph Phillips and William Corbera, both of whom come from entrepreneurial backgrounds, have been friends for over a decade. Corbera co-founded RevoPay, a payments processing platform that was acquired by payments solutions firm OSG in 2022. Phillips, for his part, led the national sales team at Seamless before heading up...
Owners of small- and medium-sized businesses check their bank balances daily to make financial decisions. But it’s enterpreneur Yoseph West’s assertion that there’s typically information and functions missing from bank accounts that owners could really use. “SMBs make up 44% of U.S. GDP, underpin the economy and have a...
Thomas Li was working at Point72, the hedge fund founded by notorious investor Steve Cohen, when he realized that the financial industry relies heavily on manual data entry processes that could be prone to errors. “As a buy-side analyst, I felt the pain of manually sourcing and entering data to...