Properly raises $ 4.3 million for FinTech reconciliation
Integrated Reconciliation and Finance Data Platform Proper Finance completed a $ 4.3 million launch round that it will use to develop its product line, including reconciliation-as-a-service, payment data platform and the universal ledger, according to a Wednesday (June 8) company press release.
Proper, which allows FinTechs to maintain financial accuracy, will also introduce code-free tools for payment operations teams to track and tune money movements across systems and further payment method integrations, the press release states.
Redpoint Ventures led Proper’s fundraising efforts, with the participation of BoxGroup, Mischief, Y Combinator and more.
“Since Proper’s inception, we’ve encountered companies ranging from well-known names to minor upstarts, and what we’ve discovered is that not being able to maintain complete financial accuracy is a problem that is not just common, but universal to all FinTechs,” said Kyle. Maloney, co-founder and CEO of Proper, in the company’s press release.
“We offer a ubiquitous solution to help the rest of the ecosystem, so that FinTechs can track and account for every payment that flows through their systems on a large scale. Not paying attention to every penny can snowball into scenarios where six-digit sums are not accounted for, he said.
FinTechs can use Proper to manage its financial data – from payment providers to banks, network files such as NACHA and internal payment processing systems – in one platform.
Related: Bonfire Ventures raises $ 231 million to launch B2B software
Last month, Bonfire Ventures, which helps B2B software companies raise money in the start-up phase, completed a $ 168 million seed funding round and a $ 63 million second opportunity fund, which has put its total fundraising since 2017 at more than 1 billion dollars.
Bonfire offers a curated, practical partnership to B2B software entrepreneurs as they move through the investment journey, starting at the start-up stage, advancing to the Series A level and moving forward with product launches, development and other aspects of their business.
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NEW PYMNTS DATA: HOW TOOLS AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE BILL PAYING EXPERIENCE
About: More than half of energy and consumer finance companies have the ability to process all monthly bill payments digitally. The kicker? Only 12% of them do. Digital Payments Edge, a PYMNTS and ACI Worldwide collaboration, examined 207 billing and debt collection experts at these companies to find out why it is still elusive to go completely digital.
