A startup with a Ukrainian co-founder YayPay raised $8.4 million

A Ukrainian fintech startup YayPay raised $8.4 million in investment in the series A round. The investors were Information Venture Partners, Birchmere, QED, Fifth Third Capital, Gaingels and 500 Fintech Fund, reports TechCrunch.

YayPay is a company that helps businesses optimize financial processes (keeps track of all invoices and their statuses), and also predicts the movement of funds. In addition, using the company’s service you can create a reminder for the customer to pay the invoice.

Yevhen Vyborov, a co-founder of YayPay, pointed out that the team will use the raised funds “to bring high-quality software for finance to even more companies and make the lives of the employees of these companies a little better.” He added that the company’s plans for the future are “to continue to develop the product, thereby expanding the available target markets and increasing sales.”

According to TechCrunch, YayPay is used by 480 companies. In one year, a startup has increased the number of customers as much as five times. The startup was founded in the summer of 2015 by Anthony Venus, and in 2016, the Ukrainian Yevhen Vyborov joined the team as a co-founder. In September 2017, the startup raised $5.3 million, and also announced the opening of R&D in Kyiv.

Earlier AIN.UA reported that the investment was raised by another international startup with Ukrainian co-founder, Gitlab.