Procurify today announced the launch of an all-new accounts payable automation solution to streamline AP processes, empowering customers with greater efficiency and control, thanks to support from CIBC Innovation Banking’s growth capital investment.
Procurify, a pioneer in proactive spend management solutions, today announced the launch of an all-new accounts payable (AP) automation solution. Building on years of success with its existing AP platform and strong customer base, this new AI-driven solution exponentially improves efficiency by automating traditionally time-consuming and error-prone tasks. Optical character recognition (OCR) quickly extracts line-item invoice details, while automated three-way matching ensures accuracy, flagging discrepancies to streamline processing times. Users can create bills and make deposit payments before item receipt, providing flexibility while maintaining control over cash flow.
Following a major upgrade that expanded bill payment capabilities to include ACH, wire, and check payments in the U.S. and EFT in Canada, this release strengthens Procurify’s position as the most comprehensive procure-to-pay platform for the mid-market. By unifying purchasing, AP, and payments into a single platform—enhanced by modules like PunchOuts, Contract Management, and Vendor Management—Procurify maximizes efficiency across financial management processes, eliminating the need for multiple point solutions. End-to-end automation delivers real-time spend visibility and control, helping customers improve data accuracy, enhance vendor relationships, and free up time for strategic initiatives.
"At Procurify, our mission has always been to empower our customers through innovation," said Aman Mann, Procurify CEO. "Our Series C funding round was all about injecting AI into our platform to transform how revenue-driven organizations in the upper SMB and mid-market manage spending. With the introduction of new AP automation capabilities, we're delivering on that promise—helping businesses gain better control and efficiency through automation."
This launch comes on the heels of a significant investment from CIBC Innovation Banking, which provided US$20 million in growth capital to support Procurify's expansion and AI-powered product development. The funding will enable Procurify to continue delivering innovative procurement and AP automation solutions while expanding into new markets.
“Procurify is at the forefront of transforming organizational spend management,” said Josh Olawale, Director at CIBC Innovation Banking. “Their procure-to-pay platform is crucial for companies looking to maintain budgetary control and enhance operational efficiencies. These new bill payment and AP automation capabilities solidify Procurify’s position as a spend management leader.”
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