JustPaid, a finance company powered by artificial intelligence (AI), has recently launched its groundbreaking suite of services following a successful seed funding round that raised $3.5 million. The company specializes in providing small and medium-sized businesses (SMBs) with automated bill payment, contract validation, and real-time AI financial auditing solutions. Its innovative offerings have garnered support and interest from prominent tech figures and reputable funds, including investors like Rebel Fund (featuring Reddit cofounder Steve Huffman, Cruise cofounder Daniel Kan, Instacart cofounder Max Mullen, among others), Leah Culver (previously involved in building Twitter spaces), Arash Ferdowsi (former CTO and Dropbox cofounder), Jack Abraham (Founding Partner of Atomic), Mamoon Hamid (partner at Kleiner Perkins), Orange Collective, Decacorn Capital, Lab Capital Advisors, and Y Combinator, among others.
The core mission of the JustPaid brand is to democratize and simplify the professional lives of company operators. By offering continuous audits between contracts and bills, JustPaid empowers small business operators to receive and track payments, gain financial insights through analytics, and identify opportunities, all powered by AI. The company has already achieved thousands in annual recurring revenue (ARR) and is experiencing continuous growth.
“We are incredibly excited to bring JustPaid to the market. Founders and their teams need a copilot that provides a user-friendly dashboard to ensure cash flow visibility in their companies, and JustPaid delivers real-time financial insights,” says co-founder Daniel Kivatinos, a second-time Y Combinator founder who sold his first company in November 2021.
Co-founder Anelya Grant, a successful tech-focused accounting firm founder, shares her experience before the launch of JustPaid, stating, “I struggled with the lack of workflow. While there are many software solutions available, I had to piece them together using Excel and reading PDF documents. I spent hours trying to answer a few essential questions that all companies have – what is our revenue, can we afford to hire more people, and when will we run out of money?”
Co-founder Vinay Pinnaka adds, “When founders have the right tools to understand their finances, employees in the company will feel more secure. Before starting JustPaid, I witnessed the struggles faced by startups in not having a clear understanding of their spend. I wanted to build a tool that helps companies manage their expenses and recognize their revenue.”
The market size for JustPaid’s fintech software in the small and mid/large business segment exceeds $5 billion. With AI automation playing a significant role in replacing manual tasks performed by financial controllers, JustPaid is well-positioned to capture a substantial share of this growing market.
By offering automated bill payment solutions, contract validation, and real-time financial auditing, JustPaid addresses critical pain points for SMBs. The platform eliminates the need for manual processes, such as Excel-based workflows and reading PDF documents, streamlining financial management and saving valuable time for business operators. The user-friendly dashboard provided by JustPaid ensures cash flow visibility, allowing founders and their teams to make informed decisions based on real-time financial insights.
JustPaid’s AI-powered analytics enable businesses to understand their financial performance better. By tracking payments, identifying revenue sources, and managing expenses, companies gain a comprehensive understanding of their financial health. This empowers them to make strategic decisions, such as hiring additional staff or optimizing their spending, ultimately driving growth and sustainability.
The success of JustPaid’s recent seed funding round and the impressive list of investors demonstrate the industry’s recognition of the company’s potential. With a strong team led by experienced founders, JustPaid is poised for success in the rapidly evolving fintech landscape. As the market for AI-powered financial solutions continues to grow, JustPaid is at the forefront, providing innovative services that empower SMBs and contribute to their long-term success.