TEL AVIV, Israel--(BUSINESS WIRE)--Anchor, the autonomous billing platform, announces it has completed a $15 million seed-funding round. Led by Rapyd Ventures, the new venture capital arm of Rapyd, Entrée Capital, a leading international venture capital firm that has invested in unicorns such as Monday.com and Riskified and Tal Ventures, a premier Israel based VC with an impressive portfolio of more than 30 companies, including Rapyd, in which Tal’s previous fund was its first investor. Anchor will use the funding to expand its team and extend its partnerships and marketing efforts.
According to a report by Dun & Bradstreet, cash flow issues caused 90 percent of small business failures in 2019. Surprisingly, 60 percent of these businesses were profitable but couldn't handle the negative cash-flow gap caused mostly by late payments. Today, billing and collections are labor-intensive, expensive, time-consuming, error-prone, and subject to fraud risk. This systemic failure is caused by the inherent manual labor in every billing cycle. Anchor completely automates the billing process, ensuring every business is paid on time and effortlessly.
Anchor connects businesses and their clients through a ‘live online agreement’ that serves as a single source of truth. Anchor’s autonomous end-to-end billing and payments solution covers the entire cycle: starting with the vendor and client agreement and managing the invoicing, payment, and reconciliation steps. This automation frees businesses of all sizes to focus on doing billable work, instead of the time-consuming and costly manual work involved in trying to get paid on time.
Anchor integrates with the client’s payment information and with the service provider’s tech stack, so once the service is delivered, or upon the billing due date, the invoices are automatically populated and sent according to the agreement and deliverables. Once payments are released, Anchor automates the collections and reconciliation.
“The challenges of billing and collections, which make paying a vendor a hefty process, stem from the human element,” says Rom Lakritz, Co-founder & CEO of Anchor. “If people could trust the invoices they receive from service providers just like they trust machine-generated invoices from their Spotify and Amazon accounts, billing and payments would no longer be a painful process, and cash would easily flow in a market estimated at over $120 trillion annually.”
“We knew immediately that Anchor was a company in which we wanted to invest,” says Arik Shtilman, CEO of Rapyd. “It has its finger on the pulse of the future of payments and has built a modern framework for B2B payments and billing, poised to become necessary for every business.”
“The B2B payments space is highly fragmented due to each vertical requiring some level of specialization,” says Avi Eyal, co-founder and Managing Partner at Entrée Capital. “Anchor has found such a unique opportunity and we believe it will go on to become a key player in the industry through the deployment of its solutions to thousands of service-oriented businesses.”
“Anchor has a remarkable vision paired with an amazing team that can reshape how businesses do business”. Says Eyal Dior, co-founder and Managing Partner at Tal Ventures. “They are catering to an underserved market that is thirsty for innovation and for such an encompassing solution”.
Anchor gets businesses paid on time, effortlessly. Anchor’s autonomous billing solution is a cloud-based platform that redefines B2B billing, collections, and payments. By providing an end-to-end billing and collections solution, and removing all manual labor from these processes, Anchor eliminates the risks of fraud and human error in B2B payments.
Founded in 2021, Anchor is a U.S. company, with an R&D Center in Israel. Backed by market leaders including Rapyd Ventures, Entrée Capital, Tal Ventures, and additional CEOs and founders from the tech and finance space, Anchor brings the SaaS billing experience to the B2B service industry and is the first to support dynamic billing needs that change constantly. Anchor’s purpose is to make business owners thrive, by allowing them to focus their time and resources on doing business, not billing.
Visit www.sayanchor.com to learn more and get started.
About Tal Ventures
Tal Ventures is an Israel based VC with deep ties to the Israel high-tech ecosystem, investing in tech companies across a variety of industries, focusing on exceptional teams. Since its inception, Tal invested in more than 30 companies, including Rapyd, in which Tal’s previous fund was its first investor. Tal Ventures' Partners consist solely of Founders, with hands-on executive experience in both startups and large corporates alike. Harnessing this acumen, Tal Ventures is helping visionary founders to create outstanding businesses. https://talventures.com/
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd’s unparalleled payments network and fintech as a service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds, and Tal Capital. To learn more about the company that is accelerating the fintech as a service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.
About Entrée Capital
Entrée Capital manages over $650 million across six funds and has invested in hundreds of global startups in the US, Canada, the UK, Europe, Israel, Australia, Africa, India, South Korea, and the United Arab Emirates. Entrée’s portfolio companies include monday.com, Riskified, Rapyd, Cazoo, Coupang, Snapchat, Breezometer, Deliveroo, Fundbox, Glovo, Postmates, Kuda Bank, Stash, PillPack, and more than 100 others.