Tech

London-based startup Nook raises £ 800,000 in pre-seed funding to transform B2B payments

Consumer payment options have exploded over the past few years, but with relatively little progress in the B2B industry.London and Liveson-based startups to reinvent business payments corner We provide a platform aimed at simplifying SME payments and billing. The company has now raised a noteworthy £ 800,000 in its latest pre-seed round.

New developments in the future

Nook’s latest funding round is led by Speedinvest and TriplePoint, with Ascension, Notion, and FinTech founders Michael Kent (founder of Azimo), Charlie Delingpole (founder of ComplyAdvantage and Market Invoice), and Emre. Angels such as Baran (founder) participated. (Of Qubit and Cerbos).

The company will use the new funds to add more new talent to its engineering and product teams.In addition, further development and sales of the product, and Small and medium-sized enterprises And an accountant. The startup is currently a team of 6 people and plans to increase the number to 10 by January next year.

Olga Shikhantsova, Principal of the Speedinvest Fintech Investment Team, said: “Nook’s team has created an elegant solution to the problem and we look forward to helping them bring it to the world.”

Simplify B2B payments

As mentioned earlier, Nook’s services are aimed at providing a simplified SME payment and billing solution. In a conversation with UKTN, the company’s co-founders Joe Lines and Henry Arnold elaborate on things like the origins of startup ideas.

According to the founder, nook can be integrated on top of your accounting software (Xero, QuickBooks, Sage, etc.). “Connecting buyer and supplier ledgers, eliminating the need to share inefficient PDF transaction documents, saving time and minimizing data issues,” adds Lines. The software also allows users to set up accounts receivable / accounts receivable workflows.

Nook is also touted to mitigate billing fraud by allowing users to request supplier verification on the platform. This is done before the buyer makes the payment and ensures that the invoice received comes from the supplier’s valid email domain. In addition, verify it with bank account details that match the legitimate entry of the company home.

Inside story of the idea

The idea behind Nuuk came up when Henry observed a serious invoice fraud at the company he was consulting with. “The company eventually paid $ 3 million for invoice fraud, making it easier to think about how old-fashioned B2B payments are and making the fraud permanent. Emailing a PDF is We conclude that it is not safe, inefficient, and not in the future, “said the co-founder.

The duo believes that the future of B2B payments and transactions is to connect validated parties and enable streamlined AP / AR processes using digital transaction documents.



London-based startup Nook raises £ 800,000 in pre-seed funding to transform B2B payments

Source link London-based startup Nook raises £ 800,000 in pre-seed funding to transform B2B payments

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