Approveit Raises $1M to Enhance Payments Software

Approveit, an operations and automation platform designed to streamline business processes, has successfully raised $1 million in funding from investors, including 10vc, Verras Capital, Telegraph Hills Capital, and several other partners and angel investors. The platform is engineered to integrate seamlessly with a company’s existing messaging systems and task management tools, providing enhanced transparency, control over finances, auditing, reporting, and other essential business processes. This integration is aimed at reducing approval times and increasing operational efficiency.

The demand for automation software solutions like Approveit is on the rise, driven by recurring challenges faced by managers, particularly in global companies. These managers often have to navigate through more than ten different systems to access data and handle requests, leading to inefficiencies, delays, and errors. Furthermore, there is often significant variability in how standard procedures are executed across different departments and locations, complicating the tracking of changes and the control of audit processes due to a lack of comprehensive audit logs. These issues not only drain financial resources but also place undue strain on human resources.

The technology market is currently seeing a surge of contributors offering software that covers the entire business cycle, from procurement and finance to security and human resources. For instance, Zip HQ recently raised $180 million, and Workato reached a $5.7 billion valuation after raising $200 million for its enterprise automation platform.

Serge Gusev, CEO and co-founder of Approveit, highlighted the platform’s expanding potential: "As we engaged with more clients, we discovered they were applying our platform brilliantly—managing internal audits, HR operations, and even strategic decision-making processes. This revelation expanded our vision of Approveit’s potential and deepened our understanding of diverse industry needs. Seeing the variety of use cases has been exhilarating. It’s a testament to the importance of listening to our customers, adapting to their needs, and continuously pushing the boundaries of our technology."

With the new funding, Approveit aims to attract more clients, enhance its technology platform, and achieve $1 million in annual recurring revenue (ARR) by March 2025. The platform is designed for easy integration with existing systems, with full integration taking as little as a week. It provides real-time process control and data consolidation, enabling swift and informed decision-making. The setup is quick, taking only about five minutes, with workflows generated by AI and communications integrated into work tools like email, Slack, or Microsoft Teams. Approveit also connects seamlessly with a company’s existing infrastructure, including the possibility of importing data from the HRIS.

According to customer surveys, using Approveit can save businesses up to $2 million annually by reducing operational inefficiencies and human errors. It also helps in reducing charges incurred after the fact. Dmitry Matveev, CTO and co-founder of Approveit, emphasized the company’s commitment to customer feedback: "Our mission is to help businesses thrive, and we believe that workflow automation should be accessible for businesses of all shapes and sizes. We create our product not only with our own ideas but also with users' experience and feedback. We’re leveraging over 100,000 customer requests to build an ML model now, providing enhanced insights into their processes for more informed decision-making."

Through continuous innovation and a deep understanding of industry needs, Approveit is positioning itself as a crucial tool for businesses looking to optimize their operations and enhance their decision-making capabilities.