Plate IQ raised $160 million in the latest round of funding

California based accounts payable automation company, Plate IQ has raised $160 million in the latest series B round of funding which was led by FTV Capital.

The funding brings the total raised by commercial payments companies from VC investors to over $5.38 billion year to date. Last month, the Australian payments company raised $200 million in funding.

Plate IQ says that with the latest round of funding, it is expected to ‘accelerate efforts to close the supply chain gap between operators and vendors with its AP automation and payments network’.

Along with this, the company also announced the appointment of Barrett Boston who was the former chief revenue officer at Trinet as CEO of Plate IQ.

The press release noted that the pandemic related supply chain issues have mounted and the gap is growing between vendor expectations of ‘receiving payment and businesses’ ability to process and pay invoices on time’. There is also additional margin pressure due to commodity price volatility and labour shortages.

It also noted that the company’s growth post-pandemic has been ‘exceptional’ and the company has added over 8000 customers and processed over $2 billion in invoice payments through the VendorPay network as of October 2021. The company has main integrations with QuickBooks, NetSuite, Microsoft Dynamics and Sage.