B2B payments startup Slope raises $30 million in new funding

B2B payments startup Slope raises $30 million in new funding

Slope, a startup that focuses on business-to-business payments, closed on a venture round of $30 million to expand its business. The company intends to use the new funds for product development as it continues to take on larger clients.

Since its creation in 2021, co-founders Lawrence Lin Murata and Alice Deng have been working together to transform the $125 trillion B2B payments industry. Slope's technology centers on the automation of order-to-cash transactions using artificial intelligence-driven tools such as checkout, customer, and vendor risk assessment, payment reconciliation, and cash management.

The investment comes following SlopeGPT, which Murata called the first payments risk model powered by GPT, the company's latest product launch.

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-led 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 statement.

Murata said inclusion in the investment was highly sought-after, leading to a high demand for investment. The company also got multiple offers from investors and was oversubscribed multiple times, making it even more preempted. This last part is rare today, given the economic conditions and the drying up of venture capital investments.

Other notable names joining the round 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 an additional $187 million in equity and debt.

In those early years, the company worked with startups. Today, the customer pipeline has evolved into enterprise, such as Fiserv. Both volume and revenue have surged 17x since last year, according to TechCrunch.

Murata said he did not want to comment on the allegations, but said there were no allegations of wrongdoing. '' AI is something that's very front-and-center in that user experience. Instead, we see it as an invisible experience that's helping automate and streamline the processes, even if they're not aware of what's the technology happening behind it.