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Press Release

Accrualify Secures $3.2 Million in Series A Funding to Fully Automate Accounts Payable with Machine Learning and AI

Accrualify's suite of solutions automates many processes around spend management including vendor on-boarding, purchase orders, invoices, payments—and even accruals.




SAN MATEO, CA, September 12, 2018 /24-7PressRelease/ -- Accrualify, Inc., a procure-to-pay spend management software company, announced today a $3.2 million Series A funding round led by Aligned Partners with participation from previous investors.
This new infusion of capital will be used to fuel growth, expand Accrualify's technology infrastructure, and produce innovative product enhancements—including further investing in machine learning and artificial intelligence.
"We are at the forefront of a shift in how enterprises are doing business," said Benjamin Portusach, CEO and Co-Founder of Accrualify. "Our suite of products focus on automating data entry and leveraging machine learning and AI to perform these tasks. We are excited to be able to continue innovating and disrupting enterprise procure-to-pay."
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.
"Most companies are using disparate systems to manage their P2P processes. They may have one system for purchase order management, another for invoice processing, and various loose systems for vendor onboarding," said Portusach. "There's no guarantee these systems communicate with each other and may require a data entry component for each. We are changing that, automating many of the processes, and saving corporate accounting teams valuable time."
According to Susan Mason, Managing Partner at Aligned Partners, it is currently an innovative atmosphere for business-to-business payments and vendor management. "We're seeing many technological advancements in the B2B space that provide more efficient payments in a variety of ways. This coupled with the advent of automation in finance organizations made investing in a startup like Accrualify very appealing. Aligned Partners is excited about our investment in Accrualify. The team's experience in delivering high-value solutions to customers made for a compelling investment opportunity in a large marketspace."
Performance to Date
In 2018, over 10,000 users utilized Accrualify's platform to aid communication between vendors and purchasing companies, reduce data input, and create more efficiency processing invoices. The company's user base has grown by more than 100% since the beginning of the year, while its revenues doubled.
Whether customers are looking to automate purchase order approvals, accrual estimate bookings, invoice processing, or the vendor on-boarding process, Accrualify offers a wide variety of products covering the full procure-to-pay cycle. The company's products are all available individually or as a suite, and all integrate with users' ERP systems and bank accounts.
Accrualify was founded in 2015 and maintains a loyal customer base. The company has forged partnerships with Silicon Valley Bank and Transferwise to make both domestic and international supplier payments a seamless experience in the Accrualify platform. Headquartered in San Mateo, California, the company has grown both its North American and Indian operations in the past year.
About Accrualify, Inc.
Accrualify offers mid- and enterprise-level companies cloud-based automation solutions to better manage their Procure-to-Pay and accounts payable processes. Accrualify's products enable more efficient and automated management of purchase orders, accruals, invoices, payments, vendor management, and budgeting. Their mission is to leverage artificial intelligence (AI) and machine learning to address the many pain points corporate finance organizations face on a daily basis. It was this principle that led Accrualify to develop a product that automates month-end accrual processes. To learn more about Accrualify's P2P and AP automation tools, visit www.accrualify.com.
About Aligned Ventures
Aligned Partners is a venture firm dedicated to the idea that the interests of founders and investors can and should be aligned. Since 2011, the veteran team at Aligned Partners has been enabling capital-efficient companies in the B2B sector start lean and stay lean throughout their growth cycles, with better outcomes for founders and investors alike. As hands-on early-stage investors, Aligned Partners is the bellwether for a new breed of venture capital investment leveraging resourcefulness and alignment. The firm manages over $100 million across three funds.
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