B2B payments platform Slope raises 30 million dollars

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B2B payments platform Slope raises 30 million dollars

Slope, a business-to-business payment platform for enterprise businesses, has raised 30 million dollars to expand its business. The company intends to use the funds for product development as they continue to take on larger clients.

Since their creation in 2021, co-founders, Lawrence Lin Murata and Alice Deng, have sought to modernize the $125 trillion B2B payments industry. Slope's technology is based on automation of order-to-cash workflow automation, utilizing AI-driven tools for customer risk assessment, payment reconciliation, and cash management.

The new investment follows Slope's recent product launch of SlopeGPT, which Murata called the first payments 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 industry into the digital age is audacious - and that's why I chose to back them,'' Altman said in a written statement.

Murata, who said inclusion was highly sought after in the investment, said it was highly sought after. The company got multiple offers from investors and was multiple times oversubscribed, it was also preempted. This last part is rare these days, given the economic conditions and drying up of venture capital investments.

Other members of the group 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 equity and debt, a significant amount of which has been earmarked for future projects.

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

Murata said he was not satisfied with the administration's decision. The experience of AI is seen as a front-and-center in that user experience. We actually see it as an invisible experience that's helping automate and streamline the processes, even when they're not aware of what's the technology happening behind it.