Embedded funds platform Modulr acquired accounts payable (AP) automation supplier Nook.
Modulr will convey Nook’s performance to the 1000’s of accountants and companies that use Modulr’s fee merchandise and can provide Modulr’s funds functionality to Nook’s clients, the businesses stated in a Tuesday (Nov. 19) press launch.
“By combining Nook’s AP automation platform with our embedded funds experience, we’ll have the ability to present our current and potential clients with much more merchandise that save money and time for busy enterprise homeowners and accounting professionals,” Modulr CEO and founder Myles Stephenson stated within the launch.
Nook’s platform provides full bill lifecycle administration, together with receipt, approval, fee and reconciliation with accounting software program, in response to the discharge. It consists of optical character recognition enhanced with synthetic intelligence, in addition to customizable approval workflows.
Following the mixing of the options, Modulr AP, powered by Nook, will launch within the first quarter of 2025, per the discharge.
The combination will make for an much more strong resolution and will assist the businesses’ clients develop, Nook co-founder Joe Strains stated within the launch.
“We’re embarking on a brand new chapter in our mission, now a part of the Modulr crew, to scale back complexity for companies by combining fee automation with our award-winning AP workflow platform,” Strains stated.
Full automation of AP and accounts receivable (AR) processes permits organizations to chop labor prices, scale back the incidence of errors, and achieve improved information availability and insights, in response to the PYMNTS Intelligence report “Accounts Payable and Receivable Developments: What’s Subsequent in Automation.”
The report discovered that 70% of mid-sized corporations that embraced full AP automation and 40% of those who employed partial automation stated they’d seen constructive outcomes.
Modulr raised $108 million in a Collection C funding spherical in Might 2022, saying it deliberate to make use of the cash to broaden its geographic footprint, lengthen its shopper and companion protection, and turn into what Stephenson referred to as a “pan-European funds champion.”
The corporate’s know-how lets companies construct funds into their platforms with no need to construct and handle their personal fee techniques and permits them to entry fee infrastructures.
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