Anchor, a new fintech focused on autonomous billing and just out of stealth, has completed a $15 million seed funding round.
Rapyd Ventures, the new venture capital arm of fintech-as-a-service company Rapyd, co-led the seed funding round with Tal Ventures, a firm based in Israel, and Entrée Capital.
Established this year, Anchor will use the seed funding to expand its team and extend its partnerships and marketing efforts.
Anchor is a US fintech with a research and development centre in Israel. Its solution automates the billing process for small businesses, aiming to alleviate cash flow issues that, according to research it cites, caused 90% of failures in 2019.
The Anchor solution autonomous end-to-end billing and payments solution covers the vendor and client agreement, and manages invoicing, payment, and reconciliation, all while integrating with the client’s payment information and with the service provider’s technology stack.
Rom Lakritz, co-founder and chief executive officer of Anchor, believes the solution is capable of returning trust to billing and collections.
He says: “The challenges of billing and collections, which make paying a vendor a hefty process, stem from the human element.”
“If people could trust the invoices they receive from service providers just like they trust machine-generated invoices from their Spotify and Amazon accounts, billing and payments would no longer be a painful process, and cash would easily flow in a market estimated at over $120 trillion annually.”
Arik Shtilman, chief executive officer of Rapyd, adds: “We knew immediately that Anchor was a company in which we wanted to invest.”
“It has its finger on the pulse of the future of payments and has built a modern framework for B2B payments and billing, poised to become necessary for every business.”