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Upflow , a French startup we ’ve been covering forquiteawhile , in the beginning focus on make out outstanding bill . The company is now announcing a shift in its strategy to become a B2B defrayal platform with its own payment gateway to complement its accounts receivable mechanisation solution .
Like many software - as - a - service products , Upflow started by building a fundamental hub specifically designed for one chore in particular : chief financial officer . From the Upflow splasher , CFOs and finance teams could see all their party ’s invoices , track payment , communicate with team members , and send reminders to clients .
It integrates nicely with other fiscal tools and services to mechanically import data from those third - party services . And a pecker like Upflow can be particularly crucial as many tech companies struggle to raise their next backing rung and want to improve their cash balance .
But that was just the first stride in a bigger roadmap .
“ essentially , my visual sensation has always been that the veridical problem is payment methods , ” Upflow carbon monoxide gas - founder and CEO Alexandre Louisy ( pictured above ) told TechCrunch . “ Today , when you yield in a depot , you bear with your phone . When you give for your Spotify subscription or your Amazon subscription , you do n’t even cogitate about how you pay . ”
“ But when you take care at B2B payments , the way of life you give today has n’t vary in the last 50 years . And for us , that ’s why people struggle with later payments . The matter I ’m really test to fight against is the estimation that belated payments are linked to bad remunerator . “
harmonise to him , around 90 % of B2B payments still happen offline in the U.S. It ’s still mostly paper checks . In Europe , it ’s a different story as companies have adopted depository financial institution transfer . But transfers “ are totally unstructured and involve manual reconciliation , ” Louisy say .
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Upflow sells its accounts receivable automation software putz to midsized companies with a revenue between $ 10 million and $ 500 million per year . The company ’s biggest client mother around $ 1 billion in yearly revenue .
“ But when you expect [ CFO ] , ‘ What ’s your strategy for setting up direct debit entry on part of your client al-Qa’ida ? ’ They do n’t have a solution , ” Louisy say .
Upflow helps you set up bonus strategies so that a luck of your customer al-Qaida moves to on-line payments , such as card payments or lineal debits . The idea is n’t that all your clients are going to pay with a business wag overnight . But Upflow can help you exchange the payment method for something like 20 % or 30 % of your guest base .
Just like CRMs help oneself you manage your sales process with clients , Upflow now wants to be a fiscal relationship management ( FRM ) solvent . It ’s an interesting strategy as it shows how a inauguration like Upflow is thinking about diversifying its revenue source .
“ With our manikin shift , we ’re moving from a model where we are 100 % base on SaaS revenue to a intercrossed exemplar where we have SaaS tax revenue and payment tax revenue because we have our own payment gateway that we ’ve set up with Stripe , ” Louisy said .
Payment is the 2d brick in Upflow ’s product cortege . Up next , the company contrive to integrate financing options with B2B “ grease one’s palms now , devote afterward ” payment methods on the supplier front and factoring for a company ’s spectacular invoices .
“ We evaluate solution … that provide embedded finance , ” Louisy said . ” It ’s not our core business to perform risk of exposure assessment . On the other handwriting , what ’s interesting is that we can impart them useful data for credit scoring that they do n’t necessarily have when they just connect to one of our users ’ accounts . ”
