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E-invoicing, SCF & E-procurement

Accrualify secures USD 3.2 mln in Series A funding for AP automation

Thursday 13 September 2018 | 09:47 AM CET

US-based spend management company Accrualify has gained USD 3.2 million Series A funding to automate accounts payable with machine learning and AI.

Accrualify automates processes around spend management including vendor on-boarding, purchase orders, invoices, payments—and even accruals. The funding round led by Aligned Partners with participation from previous investors will be used to fuel growth, expand Accrualify's technology infrastructure, and produce investing in machine learning and artificial intelligence.

Accrualify's suite of products address the high cost to process a single supplier invoice, communication gaps between accounts payable and vendor or non-finance employees, excess manual data input, and a lack of a comprehensive, single source of truth for company spend.

Accrualify was founded in 2015 and has forged partnerships with Silicon Valley Bank and Transferwise to make both domestic and international supplier payments a seamless experience in the Accrualify platform. Accrualify offers mid- and enterprise-level companies cloud-based automation solutions to better manage their Procure-to-Pay and accounts payable processes. Their mission is to leverage artificial intelligence (AI) and machine learning to address the issues that corporate finance organizations face.

 

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