Paytron raises A$4.35M, launches in Australia to provide SMBs with a cloud platform to manage finances

Paytron, a ‘game changing’ financial services business, has officially launched in Australia following the completion of a A$4.35M seed funding round, promising to shake up the payments industry through advanced automation technology.

Paytron provides an all-in-one financial cloud solution that allows Australian businesses to vastly improve the efficiency of their finance including: multi-currency business accounts, automated invoice workflows, and end-to-end Xero integration.

SMBs can approve, manage and pay bills in multiple currencies, and now have them reconciled in Xero, cutting out hours per week for the average business.

What is Paytron offering to financial services’ businesses?

Paytron is the brainchild of Jaco Veldsman and Francois Henrion, two senior banking professionals, each with 21 years of experience in financial services.

The company aims to fill the gap between smaller businesses and large organisations that have access to top-end financial services, allowing SMBs to manage their finances securely and efficiently through one platform.

Major investors in the company include renowned early-stage Australian based VC fund Carthona Capital and Germany’s Picus Capital.

SMBs are traditionally inundated with paperwork and outdated systems which don’t communicate with each other and can result in user error and time wasted repeating tasks.

Paytron lets businesses streamline their finances and replace up to three systems, with the ability to easily make payments in AUD and 30 other currencies to overseas suppliers.

It can also capture and digitise invoices from PDF, schedule payments, send reminders and offers automated fraud protection by detecting suspicious changes on invoice payment details.

Paytron is a solution for local and international bill payments that offers full integration with accounting software Xero.

For Xero subscribers in Australia, Paytron makes payments easy and reconciles everything in Xero, enabling back-office teams and SMB owners to focus on other value-adding tasks.

This will shave hours per week off the workload of the business owner or their bookkeeper. Paytron can also be used with other accounting software.

With over 2 million SMBs in Australia and the cost of processing an invoice sitting at $30.87 according to the ATO, Paytron is a game-changer for SMBs looking to improve their cash flow.

Paytron offers a basic free account, with the premium service starting at $19.95 / month.

As part of their launch, they are offering the first year free for businesses who sign up before the end of the financial year. Paytron also has zero set-up fees, making it easy to switch.

What are Paytron’s stakeholders’ views?

Paytron Co-founder Jaco Veldsman said, “After months of developing and refining our product, we’re finally ready to share Paytron with the world. During the crisis, we witnessed how inefficient the world of business payments still is.”

“Large companies solve inefficiencies by throwing people at the problem, but this is unnecessary and not feasible for smaller companies.”

“Removing these hurdles allows small business owners or their bookkeepers to focus on value- adding, rather than data re-entry. Business competition is tough enough as it is.”

“There is no place for the bureaucracy involved in setting up and managing overseas transactions – it doesn’t have to be this way.”

“We created Paytron to level the playing field between SMBs and big players. We’re excited to be backed by Carthona Capital, and Picus Capital to help make our vision a reality.”

Paytron Co-founder Francois Henrion said, “One of the most common misconceptions about the world of business is how complex and difficult payments are in comparison to what is experienced as a retail consumer.”

“We see Paytron as the natural evolution of this process, using automation to get rid of manual data entry (and the errors that go with it), and allowing SMBs to quickly make payments across different geographies and time zones, regardless of the platforms they use.”

“With Paytron, accountants and bookkeepers can be far more efficient and accurate for their clients, which is good for everybody. We’ve already experienced massive demand for our services, and look forward to building out our services following the official launch today.”