Altman brothers founded Routable, a B2B payment startup that recently raised a $30M Series B. This has been a game-changer for businesses worldwide, as Routable is a platform that simplifies and automates payments, offering businesses increased control, visibility, and compliance.
This is a great opportunity for businesses to simplify their payment processes and increase efficiency, but what impact will this have on the payments industry? In this article, we’ll look at the potential impacts of Routable on the payments industry.
Overview of Routable
Routable is a B2B payment startup co-founded by brothers Raj and Phil Altman. The San Francisco-based company recently raised $30M in its Series B funding round, further strengthening its position within the payments industry.
Through their unique approach to business payments, they are revolutionizing the way companies handle their payments processes and making it easier for them to track, manage and optimize their expenses.
The Routable platform connects companies to some of the most popular accounting software packages through a single integration point using bank-level security protocols. This allows customers to view all payment-related activities in real-time instead of waiting days or weeks for manual reconciliation. This reduces overhead costs and complexity and helps businesses make faster and more informed decisions about how and when to pay vendors, bills and employees.
In addition, Routable’s payment processing solution allows customers to securely store customer credit card data with tokenization technology. This eliminates manual entry errors associated with traditional payment processing systems which could potentially lead to expensive chargebacks or other customer dispute charges. It also enables customers grant access to suppliers so they can receive payments instantly without going through cumbersome invoicing processes or waiting on late payments.
Customers have received routable’s modern approach in sectors such as retail, hospitality, healthcare and financial services looking for a more efficient way of managing their payment processes. By combining technology with expertise from experienced professionals with deep industry knowledge, Routable is set to disrupt the traditional payments landscape with innovative solutions that bridge the gap between merchants and their banks efficiently increasing overall performance within any organization’s finance department.
Overview of the payments industry
The payments industry plays a major role in the global economy, with traditional and emerging payment systems continually transforming how we send and receive money. Global payments are estimated to reach $2.2 trillion in 2020, representing a compound annual growth rate of 9.8%.
The industry is highly competitive, with traditional providers such as Visa, Mastercard and American Express competing with smaller companies that offer innovative products such as blockchain-based payment solutions and mobile payment options. In addition, the increasing prevalence of cashless transactions creates an environment for tech-forward firms to challenge traditional payment models and disrupt the market by introducing better customer experience and frictionless payment systems.
This is where businesses like Routable come in, using cutting-edge technology to deliver modern digital business banking services that enable companies around the globe to make international payments faster, easier, cheaper and more secure than ever before. Financial technology company Routable recently closed its Series B round of $30 million led by Altman Brothers Ventures. This investment will help fund their expansion across the UK, Europe and the US, which could significantly impact the global payments market.
Altman brothers lead B2B payment startup Routable’s $30M Series B
The recent announcement of Altman brothers leading B2B payment startup Routable’s $30M Series B funding round has the payments industry in anticipation. This will help Routable to further develop its API-driven payments platform that caters to small businesses.
With this funding, the company wants to capture an increased share of the payments market, enabling businesses to easily excel in the payments space. So let’s explore how it will affect the payments industry.
Increased Competition
The recent $30M Series B funding by Altman Brothers’ lead startup Routable indicates the growing competition in the payments industry. In addition, the surge in venture capital money for companies specializing in B2B payments and cash flow automation is a sign that players like PayPal and Stripe will face increased competition from innovative startups.
Routable’s mission is to facilitate seamless payments for businesses. This platform introduces product offerings such as automated billing, customized payment portals, invoicing services and more, allowing businesses to expand their customer channels and automate end-to-end accounts receivable process within their organization. In addition, the technology behind the product is an ideal fit for the banking industry which sees losses widening due to smaller, yet multiple transactions on low-value items – something eWallet payment solutions have been able to avoid thus far without optimized systems integrating them into their businesses.
New entrants in the fintech space are pulling investments away from existing players, forcing them to rapidly innovate or else lose out on customers and market share. It remains to be seen how existing payment service providers will adjust their strategies to compete with companies such as Routable, or if they will become acquisition targets themselves – though this could pave a way for even further consolidation in this space. Clearly, Routable’s Series B funding success signals investors seeing potential upside across fintech startups versus traditional banking groups, which could have lasting implications on competition within the market over time.
Improved Security
Routable is a payment start-up designed to help businesses save time and streamline their accounts receivable (AR) and accounts payable (AP) workflows. Founded by brothers Dan and Michael Altman, Routable recently closed a $30M Series B funding round, giving the company an impressive boost.
One of the key benefits Routable brings to the payments industry is improved security when making online payments. Using biometric authentication, data encryption and two-factor authorization, Rouatable adds additional layers of security that can help reduce fraud or other malicious activity associated with online payments. This type of advanced technology also helps to protect businesses from data breaches or other threats, providing a more secure environment for making financial transactions online.
In addition to improved security, Routable’s intuitive interface makes it easier for businesses to manage their accounts receivable and accounts payable activities. Instead of manually recording transactions into multiple software programs, Routable provides an all-in-one solution that simplifies the process, reducing paperwork and eliminating potential errors or lost information. In addition, the automated system makes it easier for business owners to understand their cash flow in real time through daily reconciliation reports, giving them greater visibility and control over their finances.
Increased Efficiency
The Altman brothers’ B2B payment startup, Routable, is expected to dramatically impact the payments industry due to their $30 million Series B funding round. In recent years, companies have had difficulty consolidating payment data and streamlining the process for suppliers and funders. Routable seeks to make this possible by providing an all-in-one solution that automates processes such as invoicing, tracking progress and paying suppliers securely. Additionally, using machine learning technology developed by the company itself, Routable will also be able to offer analytics and informed decisions that can improve efficiency in managing spending.
In addition to increasing efficiency, Routable seeks to reduce errors which traditionally can amount to a large sum for businesses. The platform provides a secure interface between buyers and sellers that ensures any agreement is clear, understood and followed religiously — eliminating potential misunderstandings or mistakes from manually inputting data into back office systems such as accounts payable systems. This reduction in errors aids in spotting discrepancies early on for companies to save money from incorrect billing or payment amounts due.
The new funding round has allowed the company to expand its services globally by working with banks worldwide for greater access for enterprise customers looking for secure and efficient payment solutions. With increased efficiency, reduced errors and access worldwide — enterprises can enjoy greater flexibility when dealing with payments involving overseas vendors without worrying about lost time or mistakes occurring in the process.
Challenges Faced by Routable
The Altman brothers have made their mark in the payments industry with their B2B payment startup Routable. With its recent $30M Series B, Routable is looking to revolutionize the payments industry but there are certain challenges the company may face.
This article will discuss the challenges that Routable may face as the company takes its next step.
Regulatory Challenges
The payments industry constantly evolves as new regulations and technologies are created. For example, Altman Brothers’ B2B payment startup, Routable, has recently raised $30 Million in Series B funding to further improve their technology and platform.
In recent years, the payments industry has been facing significant regulatory challenges. As Routable offers banking solutions for businesses, they’ve had to take extra measures to comply with anti-money laundering (AML) regulations and know your customer (KYC) processes. On top of that, the rapid adoption of open banking solutions (OBS) has taken its toll on traditional financial institutions and startups alike as they struggle to keep up with the increasing compliance requirements.
To meet these growing regulatory demands, Routable has invested heavily in its fraud detection system that monitors for illegitimate charges or actions. The company also relies on a combination of machine learning algorithms, sophisticated analytics systems and real-time alerts that can quickly detect any inappropriate activities by their clients.
Furthermore, Routable maintains a secure online portal with detailed step-by-step instructions to help customers understand its different services while ensuring compliance with all applicable laws and regulations. Moreover, they constantly strive to stay ahead of the curve by investing in different risk management solutions that help them detect and flag any suspicious activities before they can cause any damage or harm.
Routable remains committed to providing robust security measures while offering modern banking solutions which remain compliant with the ever changing regulations within the payments industry — helping businesses simplify their financial transactions without compromising security protocols.
Technical Challenges
Technology is at the core of the B2B payments industry; as such, technical challenges remain a significant factor in the success of any payments enterprise, including Routable. This startup’s focus on eliminating friction and manual processing was tested during its Series B financing, with venture capitalists weighing in on its technical infrastructure development plan before investing.
At the source of all these technological challenges lies security — ensuring that customer data remains safeguarded and transactions are conducted securely. Due to the unique nature of large-sum B2B payments being conducted between networks, sophisticated authentication and encryption layers are necessary to safeguard company information and payment details. In response, Routable employs cutting edge technologies to manage sensitive data encryption on their networked platform.
Alternatively, enterprise integrations are essential for streamlining mass payment operations among companies (e.g., payroll processing). Enterprises require network connection APIs that can process batches of payments securely from one back end to another in real-time — this presents operational complexity challenges for all te provider ecosystems involved and drives up costs through massively manual processes along each company’s processes involving banking accounts, third parties’ approval times, etc. To respond efficiently to these challenges, Routable have developed a plug-and-play platform to handle unique business configurations quickly with minimal manual setup time while leveraging cutting-edge security protocols to ensure data privacy compliance across accounts.
Financial Challenges
One of the main financial challenges that Routable, or alternative B2B payment startups, will face is competition. With the payments industry becoming more crowded with stakeholders and other startups offering similar products and services, it can be difficult to stand out. Additionally, significant capital requirements will be involved in developing their technology and operations. However, Routable’s recent $30M Series B financing will allow them to expand further and help them keep pace with larger players in the sector.
Another challenge for these startups, specifically for payment providers such as Routable, is working within regulatory frameworks. Due to the sensitive nature of finance and money transmission services, numerous laws and regulations are in place within all countries regarding financial transactions and products. This can limit product scalability or expose a company to potential legal issues in different markets. In addition, compliance with regulations is essential when introducing a new idea or product into an already crowded market; understanding local regulations can be one of the most important steps upon market entry for any startup venture.
Conclusion
The Altman brothers’ B2B payment startup Routable’s $30M Series B has the potential to significantly impact the payments industry.
By providing faster and more efficient payment options, Routable has the potential to streamline payments between businesses, increase revenue and make payments more secure.
Let’s look at the impact Routable could have on the payments industry.
Summary of Impact of Routable on the Payments Industry
Routable, a B2B payments startup led by the Altman brothers, recently achieved a major milestone of raising $30M in their Series B round. This monumental event will have a lasting impact on the payments industry that could revolutionize the way businesses pay for goods and services.
The company’s mission is to make it easier for businesses to pay their invoices, and this new funding will allow Routable to continue making improvements and expanding their offerings. With improved payment options and greater flexibility, businesses can reduce their costs while taking advantage of opportunities within the industry.
Additionally, Routable provides added security benefits through its blockchain technology, allowing companies to verify payment data transactionally in real time. This protects user data from potential malicious actors by making it harder for fraudsters to access confidential information.
Overall, the impact of Routable’s Series B round on the payments industry is far-reaching and has potential to become an influential powerhouse in the face of increasing competition. With this new investment, they can expand existing services while continuing to advance on current technologies and systems related to transactional commerce.
Future Outlook
The closing of Routable’s Series B funding round brings $44 million in capital investments since the company was founded in 2016. With this influx of financing, the Altman brothers, co-founders of Routable, can further develop their product and expand market share.
As a specialized enterprise payment automation platform, Routable is well positioned to challenge traditional banking services and revolutionize the payment industry on a global scale. They have developed advanced technology for digital payments and modernized the process for businesses to track, manage and move money. In addition, their automated platform allows customers to easily make payments securely without worrying about manual processes or outdated systems putting their data at risk.
This innovation creates value for customers reducing costs associated with manual processing time and errors due to human mistakes made during payment reconciliation which ultimately increases efficiency within organizations handling mass payments. With these benefits combined with competitive pricing, it appears this is just the start for an exciting future for Routable and its customers.
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