Procurement Fintech Zip Raises US$100M Series C to Fuel Expansion Plans17 May 2023
U.S.-based procurement fintech Zip announced that it has raised a US$100 million Series C funding round from Y Combinator, CRV and Tiger Global at a US$1.5 billion post-money valuation.
This brings Zip’s total funding to US$181 million with its prior seed, US$25 million Series A and US$43 million Series B rounds.
Zip will use the latest funding to accelerate product and user experience innovations which includes new applications of generative AI that maximize efficiency and synthesise insights across the intake-to-pay process.
In the last year, Zip has grown from 60 to 250 employees to support its extensive customer and product growth. The company plans to continue to invest in top talent across geographies with the fresh funds.
Zip will also expand its footprint with a new office in Dallas, Texas, adding to its existing headquarters in San Francisco and office in Toronto, Canada.
The company had also announced its product launch of Zip Intake-to-Pay, extending its Intake-to-Procure platform for modern spend approvals to now provide Procure-to-Pay (P2P) capabilities.
With new purchase order (PO) management, accounts payable (AP) automation and global B2B payments functionality, Zip provides a unified platform for the end-to-end procurement lifecycle.
Zip said that its Intake-to-Pay users are already seeing significant benefits to their bottom line with nearly US$1 billion per month being approved in Zip and US$937 million in total savings tracked through the Zip platform to date.
Rujul Zaparde, Co-founder and CEO of Zip said,
“It all starts with a renewed focus on employee adoption and end-user experience. In a space that is notorious for providing tools that cause confusion, lack of adoption and costly deployment errors, we’ve built a holistic, consumer-style and enterprise-grade Intake-to-Pay platform. It doesn’t require any training—and employees are excited to use it.”
Featured image credit: Rujul Zaparde Co-founder and CEO of Zip. Edited from Forbes Council
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