Routable, a fintech startup with Seattle roots, came out of stealth mode this week and announced a $12 million Series A funding round.
The 2-year-old company aims to address the pain points related to business invoices and payments by automating accounts payable and receivable processes. It is designed to involve finance, engineering, operations, support, marketing, and sales teams with the same platform. Routable’s software integrates with accounting software such as Xero and Quickbooks.
Routable, originally known as Warren, started in Seattle but is now based in San Francisco after graduating from Y Combinator. Seattle startup vet Omri Mor leads Routable as CEO. Mor previously sold ZIIBRA to Tagboard.
“Companies will be able to build their infrastructures, permissions, and workflows on top of Routable’s business payments platform and Routable is built for the whole team,” Mor said.
Mor co-founded Routable with Tom Harel, the company’s CTO who is based in Seattle. Harel was previously a data scientist at Eat24 and Yelp.
The founders started Routable after identifying roadblocks they experienced while building custom business payment software in their previous roles. The biggest issues were the time it took to process a payment and to add automation, as well as easily sharing segmented payment information across departments.
Mor said the company has been able to scale despite the ongoing economic crisis.
The pandemic has affected VC-backed fintech funding, which dropped to $6.1 billion across 404 deals in the first quarter, the lowest levels in three years, CB Insights reported.
Routable’s investors include Y Combinator, Founders’ Co-Op, Lee Fixel, Box Group, Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund, and others. Total funding to date is $16 million.
Routable was part of the University of Washington’s fintech incubator in 2018. The 25-person company has four employees in Seattle.
The Seattle region has a growing cohort of fintech startups, and firms such as Madrona Venture Group are making an effort to expand Seattle as a fintech hub.
