Fintech Payable Raises $6M To Build Finance App!


Fintech Payable
Image Credit: Team Payable

Being outside of the payment process, one might think that the world of payment operations will require a lot less effort. While dealing with an array of payment methods and software tools often leave finance teams inefficient and unduly stressed. To have this address and broaden the digital payment system, fintech Payable on a mission in this space has secured a new fund co-led by duo VC.

Inspired by the complexity of payment operations that finance teams are faced with, the co-founders ‘Raz Musca’ and ‘Daniel Yubi’ had figured out whilst working at Checkout. However, based on their experience, the duo built the subject startup – to streamline payment operations and automate business bank transfers for the internet economy.

“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. 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”. Co-founder ‘Daniel Yubi’ explained.

The London-headquartered fintech Payable, which operates remotely has reportedly raised a $6 million seed round co-led by Earlybird Venture Capital and CRV with participation from Conversion Capital, Clocktower Ventures, including angel investors Hristo Borisov CEO of Payhawk, Francesco Simoneschi CEO of TrueLayer, Nik Milanovic founder of This Week in FinTech and the FinTech fund, Bitpanda founders, Dileep Thazhmon CEO of Jeeves among other founders and operators in this space.


Being on a mission to modernize and update processes for finance teams, the subject startup addresses payment reconciliation for companies’ data-matching products and integrating with corporate bank accounts. Payable provides both a dashboard coupled with an API that enables marketplaces, lenders, and fintechs to manage money movement from a single interface.

At the moment, companies have to deal with bank files such as EBICs and spreadsheets and use engineering and finance professionals to understand why payments occurred. This process becomes increasingly difficult as companies scale.

‘Daniel Yubi’, added: “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”.

To set the pace among equals, it should be borne in mind that building payments operations software requires an appreciable level of technical expertise at the intersection of payments, banking, and finance, and this is the point where Fintech Payable stands out coupled with the team being made of experts from the likes of TrueLayer, Checkout, 11fs, and Stripe. This was what got investors’ attention.

Tim Rehder, Partner at Earlybird, said: “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 it. The team’s vision redefines the possibilities enabled by automating money movement.”

James Green, partner at CRV highlighted: “What excited us most about investing in Payable is that Daniel understands the core problem fintechs struggle with and has created a platform that can automate the entire payment lifecycle. 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 the company doubles down on scaling its product, it is poised to expand to other European markets beyond the U.K. with the fresh fund even as it adds new integration with banks across the U.K.  

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