June 23, 2020
Investment from Equifax, Oak HC/FT, Grotech Ventures and Correlation Ventures Fuels Shift from Face-to-Face Manual Processes to Digital Workstreams
Urjanet, the world’s leading utility account aggregator, today announced it has secured $14.65 million in Series D funding. Equifax as well as existing investors Oak HC/FT, Pete Kight, Grotech Ventures and Correlation Ventures all contributed to the round. This new infusion of capital will support growth and adoption of the Urjanet platform across consumer and commercial use cases, as well as to launch new products that accelerate the transition from face-to-face, paper-based and manual processes to fully digital, automated work streams.
“With the Equifax investment in Urjanet, we are emphasizing the importance of both alternative data sources and digital payment experiences in the financial health of consumers and businesses,” said Sid Singh, president of United States Information Solutions(USIS) at Equifax. “Erasing the problem of thin credit files or credit invisibility requires businesses to understand that consumers are more than a credit score. Giving people the ability to easily share their utility payment history can result in better loan and service decisioning and expanded access to credit - something that has become even more critical in the wake of COVID-19.”
“As the global leader in utility account aggregation, Urjanet is proud to be at the forefront of financial services and payments innovation providing an alternative data platform built on a 100% permission-based data access model,” said Sanjoy Malik, CEO of Urjanet. “This investment during a time of market uncertainty further validates that the work we’re doing is critical to businesses across industries as they transition from people- and paper-based processes to fully digital environments.”
“With the growing demand for electronic payments accelerated by the recent dramatic shift away from face-to-face interactions, Urjanet’s proven track record and tremendous growth over the past few years positions the company to tackle the unique challenges at the forefront of this transition,” said Patricia Kemp, Co-founder and Managing Partner at Oak HC/FT. “We’re proud to further our support of the Urjanet team during their continued expansion in financial services.”
Urjanet Utility Bill Capture for Payments is now available to enable touchless utility and telecom invoice processing and bill payment. This new product delivers recurring utility and telecom bills every month, automating B2B and consumer bill payments through one simple API integration. Utility Bill Capture for Payments is a purpose-built solution for bill presentment, payment and AP automation built on the Urjanet Utility Data Platform, the only solution in the market with direct access to thousands of utility and telecom providers across 47 countries.
More than 72% of accounts payable departments still rely on manual, paper-based invoice processes. With this new product Urjanet is helping companies accelerate the shift to automated, digital payment processes in weeks, rather than years, by enabling touchless utility and telecom invoice processing and bill payment through abroad utility network, easy to use API and UI tools and a proven platform.
For more information about Urjanet Utility Bill Capture for Payments, please visit https://urjanet.com/utility-bill-capture-payments.
Urjanet is the world's leading utility data aggregator, delivering data from thousands of utility, telecom and cable providers across 47 countries. Urjanet's cloud-based platform and powerful suite of APIs provide a secure and scalable way for businesses to access permissioned data to automate and digitize manual, paper-based processes. To learn more, visit urjanet.com and follow the company's news on Twitter and LinkedIn.