Dutch Fintech Payt Secures €55M to Revolutionize Accounts Receivable
Groningen, Friday, 26 July 2024.
Groningen-based Payt, a leader in accounts receivable automation, has secured a €55 million investment from Partech. The funding will fuel Payt’s European expansion and enhance its AI capabilities, promising to reduce manual work by 80% and accelerate payment times by 30%.
Innovative Solution for Accounts Receivable
Payt’s software automates the accounts receivable process, significantly improving collection time, reducing bad debt, and enhancing the debtor experience through transparent and efficient communication. The company has already established a strong foothold in the Netherlands, Belgium, Germany, and the UK, with a user base of over 13,000 accounts. This funding will enable Payt to further innovate its platform with new payment options and AI capabilities that will automate customer communication and payment predictions.
Strategic Partnership with Partech
The €55 million investment from Partech is described as a strategic partnership that will accelerate Payt’s expansion across Europe. Partech, a global tech investment firm managing €2.5 billion in assets, has a significant track record in scaling high-growth software companies. Their expertise will be invaluable as Payt aims to expand its innovative solutions and solidify its presence in the ‘Office of the CFO’ software segment.
Leadership and Vision
Sander Kamstra, Co-founder and board member of Payt, highlights the excellent synergy found with Partech. He states, ‘Partnering with Partech marks a pivotal moment for Payt. We found excellent synergy with them and are enthusiastic about the opportunity to collaborate. Their expertise will be invaluable as we expand our innovative solutions across Europe.’ Bruno Crémel, General Partner at Partech, added, ‘Payt’s user-friendly software revolutionizes the accounts receivable process, and we are thrilled to support their growth journey and international expansion.’
Impacts on the Market
Since its inception in 2012, Payt has dramatically improved the accounts receivable landscape. By automating the collection process, Payt reduces manual work by up to 80%, addressing workforce shortages and ensuring that invoices are paid 30% faster. This not only improves cash flow for businesses but also enhances the debtor experience by fostering better communication and transparency. Payt’s innovative approach has led to annual growth rates of 40% to 60%, positioning it as a market leader in the Netherlands and a formidable player in the European market.
Future Prospects
With the new funding, Payt plans to roll out advanced AI capabilities that will further automate customer interactions and payment processes. This move is expected to provide even greater efficiency and accuracy in managing accounts receivable. As Payt continues to expand its offerings and market presence, it aims to cater to a broader range of industries, including healthcare, automotive, transport, and corporate markets. The strategic partnership with Partech will undoubtedly play a crucial role in achieving these ambitious goals and driving Payt’s continued success in the fintech landscape.