In the deepest crevices of an organization, in the far corner of finance, sit the unsung heroes of the enterprise, those who manage the flows of cash, the dedicated and under appreciated A\/R and A\/P professionals. Working with first generation technology tools, they are the cave people of commerce. In A\/R specifically, email and spreadsheets are state of the art for most businesses in the world. There has to be a better way. There must be a way to increase the productivity of the dedicated A\/R teams, a way that helps them focus on the most important cases, to manage the risk in their receivables, to bring forward the cash and to do so in an inspiring and fun way. There has to be a way to celebrate \u201cyay we got paid!\u201d on time or early, with little fuss.<\/p>\n
YayPay Co-founder and CEO Anthony Venus recognized this same pain point through his previous businesses. After witnessing his A\/R team frequently drowning in work, he realized the A\/R process was broken. He noticed that other departments had tools such as CRM and automation systems, however A\/R was left (far) behind. There was no true end-to-end platform, and many workers still heavily relied on multiple spreadsheets and emails. Anthony, along with Co-Founder and CTO Eugene Vyborov realized innovation was needed in A\/R and together decided to begin building YayPay in 2015.<\/p>\n
Our shared visions collided in 2017.<\/p>\n
We first met at the 500 Startups FinTech demo day. It was there where I found the germination of the necessary solution. Anthony and I kept comparing notes over the years and finally, earlier this year, YayPay had enough proof points for us to roll-up our sleeves.<\/p>\n
This is always where things get interesting, and interesting is what it turned out to be. What appeared to be a good company, was in fact great. The maniacal focus on customer success has developed a highly loyal group of customers. The breadth of vision and the ease of use has turned A\/R specialist into champions. The advanced use of analytics and automation has turned a once thankless and somewhat menial but very important task into an interesting, prioritized challenge. Where there was pain, there was now financial gain, quicker collections, fewer delinquencies, more accurate risk assessment, comprehensive reporting, and better predictability, all which lead to a reduction of days sales outstanding (DSO) and substantial ROI.<\/p>\n
A great product wasn\u2019t the only feature, the team assembled by Anthony and Eugene is highly capable, experienced and curious, all at once. They all share the vision, and prioritization of the customer, and the drive to build, improve and win.<\/p>\n
It is upon strong foundations like this, that we build great companies. YayPay is on its way.<\/p>\n
Since meeting Anthony in spring 2017, YayPay has made great strides in their business. Over the last 12 months, YayPay has grown their user base by over 500% to 480 users, and has increased total accounts receivables on the platform to more than $7 billion dollars. The quality of customers and case studies speak for themselves.
\nCompanies that use YayPay have seen dramatic improvement in accounts receivables productivity, as A\/R teams can automate communications outreach, more accurately predict cash inflow and customer portfolio risk and proactively work with slow-paying clients. This has provided their clients millions of dollars more in free cash flow and massive savings.<\/p>\n
As YayPay continues to grow, their vision is to further drive automation to back-office finance operations of mid-sized enterprises, further employing ML and AI and analytics to drive efficiencies and elevate the work of A\/R professionals. All of the aforementioned are key thesis points for Information Venture Partners.<\/p>\n
We are excited to see and help mould the future for Anthony and his team. We\u2019re all cheering for YayPay all the way!<\/p>\n
-Rob<\/p>\n","protected":false},"excerpt":{"rendered":"
In the deepest crevices of an organization, in the far corner of finance, sit the unsung heroes of the enterprise, those who manage the flows of cash, the dedicated and under appreciated A\/R and A\/P professionals. Working with first generation technology tools, they are the cave people of commerce. In A\/R specifically, email and spreadsheets […]<\/p>\n","protected":false},"author":4,"featured_media":28137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[32,48,44],"yoast_head":"\n