Anchor, an autonomous billing platform, completed a $15 million seed-funding round led by Rapyd Ventures. The company seeks to completely automate the billing process by connecting 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 seeks to cover the entire buying journey, starting with the vendor and client agreement and later managing the invoicing, payment and reconciliation steps. Anchor is designed to integrate with a client’s payment information and the service provider’s tech stack to automatically populate and send invoices according to the agreement and deliverables once the service is completed or upon the billing date. Once payments are released, Anchor helps automate 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 and CEO of Anchor, in a statement. “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.”