Routable provides an online payment platform that automates accounts payable processes, including invoice capture, approval workflows, and payment reconciliation, using AI-powered technology. This solution enables finance teams to process B2B payments 2X faster and at a 30% lower cost than traditional methods, while ensuring compliance and reducing manual errors.
Funding
$96.2M 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
Many businesses still rely on manual processes for accounts payable, leading to inefficiencies, errors, and increased costs. These traditional methods often involve time-consuming tasks such as manual data entry, paper-based invoice approvals, and complex payment reconciliation.
Solution
Routable offers an AI-powered accounts payable automation platform designed to streamline and accelerate B2B payment processes. The platform automates invoice capture using OCR technology, facilitates customizable approval workflows, and provides sophisticated tools for payment reconciliation. By automating these tasks, Routable enables finance teams to process payments faster, reduce operational costs, and improve compliance with internal controls and industry regulations. The platform also supports mass payouts and international payments in multiple currencies, expanding vendor payment capabilities.
Target Audience
Routable primarily targets finance teams, controllers, CFOs, and accountants in modern businesses looking to automate their accounts payable processes, reduce costs, and improve efficiency. The platform also caters to developers seeking a payments API for business transactions.
Features
- AI-powered OCR for automated invoice capture and data extraction
- Customizable approval workflows to match unique organizational requirements
- Real-time payment reconciliation with sophisticated tracking tools
- Support for 2-way and 3-way PO matching
- Role-based access control to streamline accounting tasks
- Automated compliance checks to mitigate risk and improve adherence to regulations
- Mass payout capabilities for high-volume payments
- International payments in 140+ currencies to 220+ countries and territories
- Vendor management system for onboarding, payment, and monitoring
- Tax management features for requesting W-9 and W-8 forms and filing 1099s and 1042s
- Integrations with NetSuite, Sage Intacct, QuickBooks Online, and Xero
- Payments API for developers to send and receive business payments