Folio provides an integrated procure‑to‑pay platform for hotels, combining ordering, inventory tracking, AI‑driven invoice processing, and secure supplier payments in a single web interface. Hotels use the system to connect approved vendors, automate approvals, and sync data with their ERP, reducing manual effort and accelerating cash flow. The service is sold on a subscription basis, with optional transaction fees for payment processing and rebates on eligible spend.
Funding
$14M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Hospitality properties often manage purchasing, inventory, invoice processing, and supplier payments using separate tools and manual spreadsheets, leading to fragmented workflows, high labor costs, and limited financial visibility.
Solution
Folio delivers a single, cloud‑based procure‑to‑pay platform built for hotels and resorts. The system consolidates program‑buying, real‑time inventory counting, AI‑driven invoice transcription and three‑way matching, and automated payment execution into one interface. Users can onboard in days, configure approval rules without coding, and sync all data directly to their ERP or accounting system. Integrated virtual prepaid cards provide cash‑back rebates on eligible spend, turning accounts payable into a cost‑saving function. The platform’s dashboards give operators and finance teams instant insight into budgets, spend patterns, and inventory levels, enabling faster, data‑driven decisions.
Target Audience
Primary users are hotel operators and their finance departments who need streamlined purchasing, inventory, and AP processes, as well as hospitality suppliers seeking a direct sales channel to hotels.
Features
- Unified supplier catalog with AI‑powered digitization, GPO pricing, and PunchOut support for one‑click ordering.
- AI‑based invoice capture that auto‑extracts line items, matches to purchase orders and receipts, and routes for approval in seconds.
- Real‑time inventory module with offline mobile access, multi‑user counting, and automatic valuation sync to ERP systems.
- Configurable approval workflows delivered via email or SMS, with budget enforcement visible at checkout.
- Integrated virtual prepaid Mastercard offering automatic cash‑back rebates on qualified payments.
- Secure, role‑based access and end‑to‑end encryption for all transaction data.
- Open APIs for seamless integration with major hospitality ERP and accounting platforms.
- Analytics engine that surfaces spend trends, supplier performance, and inventory variance for continuous optimization.