YayPay, a NYC-based financial technology startup, raised $8.4m in funding.
The round, which brought total funding to date is $14m, was led by Information Venture Partners with participation from existing shareholders Birchmere, QED, Fifth Third Capital, the direct equity investment subsidiary of Fifth Third Bancorp, Gaingels, and 500 Fintech Fund and new investor Runway Venture Partners.
The company intends to use the funds to pursue product development in data science, advanced-level product features, and sales team expansion.
Co-founded by Anthony Venus, CEO and Eugene Vyborov, CTO, YayPay provides SaaS back-office uses machine learning algorithms that analyze transactional and behavioral patterns to help accounts receivables operations accelerate collections, boost finance team productivity, manage customer risk, and predict cash flow.
Over the last 12 months, the company has grown its user base by over 500% to 480 users, and increased total accounts receivables on the platform to more than $7 billion dollars.
YayPay is an alumnus of the FinTech Innovation Lab, an accelerator for growth stage companies that have developed cutting edge technology to be mentored by leading entrepreneurs and executives from New York’s top financial services companies.
The company also has offices in Kiev, Ukraine.