The electronic payment industry for consumers has certainly shifted over the past few years, with the advent of smartphone apps like Venmo and services like Square.
But many businesses are still writing paper checks and have yet to fully adopt the same technologies — and that’s where Nvoicepay wants to help.
The Portland-area startup recently closed a $6 million round led by Mosaik Partners, with participation from Silicon Valley Bank and other existing investors. The fresh cash pushes total funding for the six-year-old company to more than $10 million.
Karla Friede, co-founder and CEO, describes her company as “the leader of next generation B2B payment solutions.”
“Nvoicepay is bringing to the enterprise the same kind of simple, easy-to-use and frictionless payment solutions that consumers have come to appreciate — providing the foundation that will enable businesses to pay 100 percent of their invoices electronically,” she explained.
Founded by Friede, Tana Law, and Shaun McAravey in 2009, Nvoicepay uses cloud technology to automate accounts payable transactions. The company has more than 1,200 customers that include companies like IHOP, BMW, and others.