Routable, a San Francisco, CA- and Seattle, WA-based platfrom to send and receive business-to-business payments, raised $30m in Series B funding.
The round was led by Sam Altman, CEO of Open AI and former president of Y Combinator, and Jack Altman, CEO of Lattice, with participation from Flexport as well as angel investors, including Max Mullen (Instacart), Joe Gebbia (Airbnb), Aaron Levie (Box), Marc Benioff (TIME Ventures), Gokul Rajaram (DoorDash), Lachy Groom (formerly of Stripe) and Scott Belsky (Behance).
The company, which has raised $46m to date, intends to use the funds to scale its team to expand upmarket into the enterprise space.
Founded in 2017 by Tom Harel and Omri Mor, Routable provides a modern enterprise finance software platform that combines 15 discrete AP/AR functions to automate payments processes, such as updating accounting systems, processing compliance in bulk, etc..
As part of its API-first approach, the company has already established integrations with Xero, QuickBooks, and NetSuite to support payables workflow and reduce manual intervention and will look to accelerate integrations to additional financial systems of record.