Accrualify, a San Mateo, CA-based B2B payments company, raised $600K+ in its first round of funding.
The round was led by Scott Lee, an executive at Envestnet (NYSE:ENV) and Swan Venture Fund, a Seattle-based seed fund.
The company will use the funds to enhance its platform and expand operations to grow sales.
Led by Benjamin Portusach, CEO, Accrualify provides a SaaS-based spend and vendor management platform which automates and streamlines all processes enterprise-level accounting teams must complete daily. Key features of the spend management platform are automated accruals, a self-serve vendor portal, and integrated electronic payments. Add-on modules include PO Manager, Invoice Automation, Payments, and the Vendor Portal.
The company serves such customers as BitTorrent, ThoughtSpot, TapClicks, among others.