Following the fundraise of USD 15 million seed capital, U.S.-based autonomous billing startup Anchor announced to accelerate its growth by hiring new talent, collaboration with more clients, and initiating marketing campaigns.
Anchor aims to fill the gaps created by manual billing cycles and processes, which are difficult, prone to errors & fraud, are time-intensive, and divert the companies’ attention from core business operations. The startup's cloud-based system automates service providers' end-to-end billing and payment processes, removing the issue of late payments in the process.
Anchor's platform links businesses and their clients through an online agreement, while its self-executing end-to-end billing and payments solution manages invoicing, payment, and reconciliation stages.
Co-founder and CEO of Anchor, Rom Lakritz, declared the day of funding as the commencement of revolution in payments, making B2B methods outdated and reshaping the billing, collections, and transaction processes by developing a system to eliminate invoice fraud and human errors.
Lakritz also stated that the company intends to set a gold standard for how businesses operate in the coming years.
The investment round was co-led by Rapyd Ventures, whose CEO Arik Shtilman expressed that Anchor is the future of payments’ procedures, providing a modern framework for B2B payments and billing systems that are poised to become essential for every organization.
Notably, cash flow issues are the most significant hurdles to expansion, especially for SMEs across the world, which are the backbones of most economies. In fact, small enterprises account for 44% of United States’ economy.
These issues are usually caused by late payments which are common in the region as 25% of businesses reportedly are forced to wait up to 30 days past the payment due date, making it difficult for them to retain in the market, cited knowledgeable sources.
These issues, however, can be overcome with the help of technology if people could trust the invoices they receive from service providers in the same way they trust machine-generated invoices from other platforms, presenting a huge opportunity for companies like Anchor.