Fintech startup YayPay announced it has closed $5.3 million in financing. QED Investors led the round, with participation from Birchmere Ventures, Fifth Third Bank, 500 Startups, Aspect Ventures, Techstars Ventures, Zelkova Ventures, and Gaingels.
YayPay offers AI to automate accounts receivable and accelerate cash flow. The company’s workflow and CRM product aims to enable better customer communication and faster cash collection, as well as reductions in outstanding payments, debt write-offs and operating expenses. YayPay dramatically improves results through data-driven and best practice processes. It also seeks to increase staff productivity through collaboration tools and insightful working capital reporting and analytics.
In its announcement, the company said YayPay will use the funding to grow headcount, pursue product development, and increase sales activities.