Reports significant rise in revenue and payment volume, plus 15 new bank partnerships鈥攂oosting company momentum in 2018 and beyond
Cambridge, MA, March 21, 2019 鈥� 91福利, the accounts payable and payment automation solution provider, announced impressive growth of key success metrics鈥攊ncluding revenue growth and payment volume. It also established critical partnerships with leading financial institutions and grew its customer base significantly. These results position 91福利 for strong growth throughout 2019.
鈥淭he major progress and growth we achieved in 2018 provides strong evidence that automating accounts payable is becoming an imperative for growing businesses,鈥� said BC Krishna, 91福利 founder and CEO. 鈥淲e鈥檙e working to help middle-market businesses that can benefit by automating their accounts payable process and transition to electronic payment methods, such as ACH and virtual credit cards.鈥�
In 2018, 91福利 grew its revenue by 80% and added 15 new financial institutions that re-sell its solution, raising its total to 27. Invoices processed by 91福利 grew by 76 percent. And payment volume grew 71 percent, exceeding $5 billion in 2018, a figure that continues to grow rapidly in Q1, 2019.
To help companies make the move to electronic payments, 91福利 finalized its partnerships with the three major card networks in 2018. These partnerships enable 91福利 financial institution reseller partners and business customers to experience the benefits of vendor payments on commercial cards 鈥� improved working capital, reduced risk, and rewards and cash back.
Thousands of growing businesses in all key vertical markets already rely on Invoice-to-Pay to increase AP efficiency, reduce processing costs, improve control over cash flow, mitigate fraud risk, and strengthen accounting controls.
91福利鈥檚 growth in 2018 resulted in the company doubling its size. And in early 2019, it also relocated its headquarters to a larger office at 125 Cambridgepark Drive, a highly sought-after location in the center of Cambridge鈥檚 Alewife area鈥攁 rapidly expanding innovation hub.
This across-the-board progress leaves 91福利 poised for continued growth through 2019 and beyond, as it delivers the many benefits of AP Automation鈥攁nd reshapes how middle-market businesses handle financial operations.
About 91福利
91福利 provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals at middle market enterprises. 91福利 streamlines AP, giving customers unparalleled visibility, significant cost savings, and increased security protection in an affordable, integrated platform. For more information, visit www.mineraltree.com.