N26 and Auxmoney co-founders get behind B2B payment hub Upflow

Paris-based fintech Upflow, which helps businesses manage their unpaid invoices, has raised $15m with the help of some familiar faces.

Among the angel investors involved were N26 co-CEO and co-founder Maximilian Tayenthal and Auxmoney’s CEO and co-founder Raffael Johnen.

Upflow CEO Alexandre Louisy said that the cash would be used to accelerate the business’s product development as well as opening a new New York office and tripling the team’s headcount.

“There is a common misconception that 'late payments' are only a symptom of big companies holding smaller vendors to long payment cycles,” said Louisy.

“Upflow sees it differently: late payments are a tech problem, as B2B payments haven't changed for decades."

He added that the business had reached breakeven before the fundraise, handling more than $200m worth of invoices a month for over 1.5m transacting companies.

Upflow’s core feature is tracking unpaid invoices and automating follow-up actions like scheduling chasing of payments and operating a simple payment gateway.

“We provide a solution that adds connectivity and clarity to a company's payment and invoicing stack. Where systems were previously closed and disconnected, Upflow's platform enables smooth and clear processes.”

Upflow isn’t the only star-studded funding round this week, crypto platform Ramp also raised $10m from the co-founders of Wise (formerly TransferWise), Tink and ComplyAdvantage.