YayPay raised USD 5.3mln from a bunch of investors. Founders of the start-up, Anthony Venus from Australia and Eugene Vyborov from Ukraine, announced the closing of the deal agreement with investors from QED Investors, Birchmere and Fifth Third Capital, with the participation of 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars, and Zelkova.
YayPay is a financial start-up that helps optimizing financial proceeds for medium-sized businesses. The startup uses machine learning and helps to track the invoices, their operating status and make sure that they are safely paid for. Not so long ago, the company developed a tool forecasting cash flows. The YayPay tool analyzes the previous accounts receivable and predicts the following future payment dates upon the account.
Our company solves one of the old and topical problems for businesses, said the co-founder and CTO (chief technology officer) of the project. When small companies start growing they send hundreds and thousands of invoices a month. It complicates control over their timely proceeds. In this case, the SaaS solution from YayPay can help by setting automatization for the maximum number of tasks over the process and provides means to tackling the issues concerned.
YayPay was founded in the summer of 2015, and the first release of the service took place in January 2017. Since then, the startup has serviced receivables worth more than USD 100mln and processed more than 150,000 of invoices.
YayPay claims that the service improves the efficiency three times, and it can contribute to increasing the cash flows by 10-25% too.
YayPay is based in San Francisco, but the entire development team of the project is based in the Dnipro city in Ukraine. The startup plans to open its office in Kyiv too.