YayPay, a San Francisco, CA-based fintech startup, raised $5.3m in funding.
The round was led by QED Investors along with co-investors Birchmere and Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, with participation from 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars, and Zelkova.
The company intends to use the funds to continue to expand its headcount, pursue product development, and increase sales activities.
co-founded by Anthony Venus, CEO and Eugene Vyborov, CTO, YayPay provides a SaaS based predictive AR workflow software that leverages data and automatic payment communications to enable back-office finance teams to accelerate collections, improve customer relations, and allow CFOs to predict cash flow.
The company, which released its first software module in January, has collected over $100m in receivables, and processed more than 150,000 invoices.