Fintech start-up Nilus on Thursday announced the closing of an $8.6M seed funding round led by Bessemer Venture Partners, with support from Better Tomorrow Ventures, Symbol, and private investors.
The company, which develops a platform designed to help companies better keep track of their payment data, aims to use its funding to onboard and support more US customers and to expand and further develop its platform.
Despite the current wave of layoffs throughout the hi-tech and business sectors in Israel and around the world, many companies are still growing. As they do so, they face an increasingly robust amount of information that they need to keep track of, including the critical data related to their payments and transactions.
Nilus co-founder and CEO Daniel Kalish is a PayPal alum, having served as its former head of market development in Eastern Europe, Russia, and Israel. According to him, there are quite a few companies that have yet to implement an elegant solution to payment tracking.
“We have seen companies that move millions of dollars running on spreadsheets,” he said. “There is a real problem with payments data and finance teams are paying the price. Companies should be able to work with their data in one place and operate with complete control, visibility, and ease."
“There is a real problem with payments data and finance teams are paying the price. Companies should be able to work with their data in one place and operate with complete control, visibility, and ease."
Nilus co-founder and CEO Daniel Kalish
With that idea in mind Kalish and fellow co-founder and CTO Danielle Shaul, a former software architect at fintech Fundbox, launched Nilus out of a basement during the COVID-19 pandemic and are already serving top global marketplaces and fintech companies in Israel and the USA, processing hundreds of millions of dollars in annual transaction volume.
“Throughout my career in fintech, I’ve seen finance teams running in circles trying to identify unknown customer payments that land in the bank account, reconcile millions of dollars over spreadsheets, and track chargebacks over SQL. Teams spend weeks ping-ponging back and forth over long email threads and offline reports trying to make sense of a single transaction,” said Shaul.
Revolutionizing a critical asset of the business industry
The company’s freshly-acquired $8.6M is a testament to the importance placed on it by investors and its potential impact in revolutionizing this critical asset of the business industry.
“We’ve seen so many companies working with out-of-date financial workflows, the space is desperately in need of innovation. Nilus is bringing a new solution to the market by addressing the underlying data problem,” said Adam Fisher, partner at Bessemer Venture Partners.
“We’re extremely impressed by Nilus’ strong team. They deeply understand the problem and have the ability to execute their vision for their customers.”