B2B payments start-up Slope raises $30 million

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B2B payments start-up Slope raises $30 million

Slope, a business-to-business payments platform for enterprise firms, raised $30 million in a venture round to expand its business. The company plans to use the funds for product development as it continues to take on bigger clients.

Co-founders, Lawrence Lin Murata and Alice Deng, have been seeking to digitize the $125 trillion B2B payment market since they launched in 2021. Slope's technology focuses on automation of order-to-cash workflows, utilizing artificial intelligence-driven tools for checkout, customer and vendor risk assessment, payment reconciliation, and cash management.

SlopeGPT is the first payment risk model that Murata called the first payment risk model powered by GPT.

We covered both of Slope's rounds since the beginning, including an $8 million seed round in 2021 and $24 million in Series A funding in 2022. Union Square Ventures, which co-founded Series A, led the new round, which included significant participation from OpenAI's Sam Altman.

''S quest to reshape the B2B payments experience and bring the sector into the digital age is audacious - and that's why I chose to back them,'' Altman said in a written statement.

Murata said inclusion in the investment was highly sought after, despite the fact that the company's CEO was not willing to give up on the offer. Not only did the company get multiple offers from investors and was repeatedly oversubscribed, it was also preempted. The last part is increasingly rare these days, given the economic environment and drying up of venture capital investments.

Other athletes joining the tournament include Y Combinator, monashees, Jack Altman from Lattice, Alex Bouaziz from Deel, Mathilde Collin from Front, Michael Tannenbaum from Brex and Rujul Zaparde from Zip. Slope has raised $187 million in assets and debt, down from $22 million earlier this year.

The company worked with startups in those early years. Today, the customer pipeline has evolved into mainly enterprise, including Fiserv. Both volume and company revenue have increased 17x since last year, he said at TechCrunch.

Murata said he was not satisfied with what he had done. In the user experience, it is clear that AI is something that's very front-and-center. Instead, we see it as an invisible experience that is helping automate and streamline the processes, even if they're not aware of what is the technology happening behind it.