YayPay Raises $8.4 Million in Funding
Financial technology startup YayPay acquired $8.4 million in funding led by Information Venture Partners. Follow-on investment from existing shareholders Birchmere, QED, Fifth Third Capital (the direct equity investment subsidiary of Fifth Third Bancorp), Gaingels, and 500 Fintech Fund is also part of the round, as well as funding from new supporting institutional investor, Runway Venture Partners. The company’s total funding to date is $14 million.
YayPay‘s back-office SaaS is designed to use machine learning algorithms to analyze transactional and behavioral patterns, helping accounts receivables operations accelerate collections, boost finance team productivity, manage customer risk, and predict cash flow with greater accuracy. According to the company, this year YayPay has grown its user base to 480 users and increased total accounts receivables on the platform to $7 billion dollars.
YayPay plans to use the funds to pursue product development in data science, advanced-level product features, and sales team expansion.