The Netherlands-based Payt, an accounts receivable SaaS platform, announced on Thursday, that it has secured €55M minority investment from Partech’s growth fund.
The Dutch company plans to use the investment to enhance its services for customers by introducing new payment options and implementing advanced AI capabilities.
Founded in 2012, Payt is an accounts receivable SaaS platform.
The company’s platform enhances collection times, reduces bad debt, and improves debtor communication through automated accounts receivable processes, transparency, and efficient communication.
What does Payt solve?
Talking about the inspiration behind founding Payt to Silicon Canals, Sander Kamstra, Payt’s co-founder and board member, says, “We believe that “automation where possible and personal when needed” is the future of any organisation. More and more companies are struggling to find employees, and this challenge is expected to grow over the next 30 years. To address this, we aim to reduce manual work by 80 per cent.”
Effective communication is the key to solving most accounts receivable issues, and Payt’s communication portal facilitates easy interaction between clients and their debtors.
“Combined with simple payment solutions, Payt guarantees 30 per cent faster payments, resulting in significantly improved cash flow,” adds Kamstra.
Evolution of Payt
Since its inception, the Dutch company served over 13,000 users and has achieved annual growth rates ranging from 40 per cent to 60 per cent.
“Initially focusing on the SME market, Payt expanded into larger and international organisations in 2020. We now serve clients across more than 60 sectors,” he adds.
The company aims to accelerate growth in key areas such as healthcare, automotive, transport, and the corporate market, as well as in Belgium, Germany, and the UK.
Keeping pace with technological changes
According to Kamstra, the biggest challenge to faster growth is that organisations struggle to keep pace with rapid technological changes.
“Additionally, past experiences with IT projects often make people hesitant to start new ones. Therefore, it is crucial to explain how easily and affordably our software can be implemented,” he adds.
Partech: Supporting ambitious European entrepreneurs
Based out of Paris, Partech is a global tech investment, with offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. Currently, the company manages €2.5B AUM and a current portfolio of 220 companies, spread across 40 countries and 4 continents.
Partech has invested €55M in Payt through its growth fund — Partech Growth II.
Explaining the process of identifying a high-growth startup to Silicon Canals, Andrew Whiting, Partner at Partech says, “Companies that are in the process of expanding their go-to-market internationally across, Europe and North America, that can grow efficiently and sustain high organic growth rates beyond €100M ARR, and with consistently happy customers.”
Currently, the Partech Growth fund focuses on B2B software, data & insights, and software-enabled services.
The VC emphasises companies that drive innovation and efficiency, such as Prolific, Skello, Channable, and Weglot.
Partnering with category-defining businesses
According to Whiting, Partech believes in partnering with talented and passionate entrepreneurs who are building businesses that define their categories.
“We focus on long-term value instead of fleeting trends, to foster the growth of companies that can make a meaningful impact on their industries,” concludes Whiting.
Bruno Crémel, General Partner at Partech, adds, “Payt’s user-friendly software revolutionises the accounts receivable process, and we are thrilled to support their growth journey and international expansion.”
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