Dutch Fintech Payt Secures €55M to Revolutionize Accounts Receivable
Groningen, Friday, 2 August 2024.
Payt, a Netherlands-based accounts receivable SaaS platform, has secured a €55 million investment from Partech. The funding aims to accelerate Payt’s European expansion and enhance its AI capabilities, potentially transforming financial operations for thousands of businesses.
Strategic Partnership with Partech
The €55 million minority investment from Partech, a global tech investment firm, was announced on 25 July 2024. This strategic partnership is expected to significantly bolster Payt’s expansion across Europe. Partech’s expertise in scaling high-growth software companies perfectly aligns with Payt’s ambitions to enhance its capabilities in the ‘Office of the CFO’ software segment[1].
Innovative Accounts Receivable Software
Founded in 2012 and headquartered in Groningen, Payt provides a SaaS platform that automates the accounts receivable process. The software improves collection times, reduces bad debt, and enhances the debtor experience through transparent and efficient communication. Payt claims that invoices are paid 30% faster using their platform, thanks to improved customer communication and automated processes[2].
AI and New Payment Options
As part of its expansion, Payt plans to integrate new AI capabilities into its software. These enhancements aim to further automate customer communication and payment predictions, offering new payment options to streamline the debtor management process. This innovation is expected to reduce manual work by up to 80%, significantly enhancing operational efficiency for businesses[3].
Impact on European Market
With over 13,000 users across the Netherlands, Belgium, Germany, and the UK, Payt has already established a strong presence in the European market. The new investment will support further growth, enabling Payt to penetrate additional sectors such as healthcare, automotive, transport, and corporate markets. This expansion is poised to bring significant improvements in cash flow and financial management for a wide range of businesses[4].
Leadership and Vision
Sander Kamstra, Co-founder and board member of Payt, expressed enthusiasm about the partnership with Partech. He highlighted the excellent synergy between the two companies and the invaluable expertise Partech brings to the table. Bruno Crémel, General Partner at Partech, praised Payt’s user-friendly software for revolutionizing the accounts receivable process and emphasized their commitment to supporting Payt’s growth journey[5].
Conclusion
The €55 million investment from Partech marks a pivotal moment for Payt, positioning it for accelerated growth and innovation in the European market. By enhancing its AI capabilities and expanding its reach, Payt is set to revolutionize the accounts receivable landscape, offering faster payments, reduced manual work, and improved customer communication for businesses across Europe.