Anchor, a fintech startup in New York, has created an autonomous billing and collections platform. The company intends to make accounts receivable a streamlined process for professional service businesses. Recently, the company has announced a big milestone: $20 million Series A funding. It is part of the further mission to change financial workflows for SMEs. 

Founded on a mission to free the world of inefficiencies from invoicing and payment, Anchor is a very specialized platform automating the full accounts receivable process. 

Using its reinvented proposals and agreements management, businesses can move on from traditional, PDF-based workflows to digitally native proposals and even interactive agreements – thus reducing time spent on such tasks, further enhancing cash flows, and significantly reducing revenue lost in the dark.

The $20 million Series A funding round was led by Mosaic General Partnership, known for its investments in companies like Uber, Robinhood, and Coinbase, and Oren Zeev from Zeev Ventures, whose portfolio includes Audible, Houzz, and Next Insurance. Anchor now counts among its investors Entrée Capital and Tal Ventures, along with new ones such as Tien Tzuo, the founder and CEO of Zuora; former NBA all-star Andre Iguodala; and Adobe board member Amy Banse, who will join Anchor’s board. 

Read more: Formance a Paris-based fintech startup, has raised $21M co-led by PayPal

Anchor will use the additional funds to double its staff base in a year. It will increase speed and penetrate the US market more deeply. Anchor will engage in deeper strategic partnerships. 

It will expand the functionality of its platform so it will have more reach to professional service businesses, accounting, bookkeeping, and other tax-related businesses. It hopes through this approach to help those businesses eliminate waste, reduce lost revenue, or influence cash flow.

Anchor’s platform combines all proposal, agreement, invoicing, billing, and payment management tools into one system, which can be automated. With the process of accounts receivable automated, businesses can carry out their main operations without interference from manual tasks in billing. This automation maximizes profits and reduces revenue loss and faster signing of agreements.

Read also: Y combinator backed fintech startup Fazeshift has raises $4M funding

SMEs are at the back bone of current economies but usually face problems in undertaking manual billing and payment practices that can lead to cash flow problems and also loss of revenue. 

Anchor’s autonomous billing and collections platform best addresses these issues by offering an automated and more streamlined financial workflows, thus improving efficiency and profitability for such businesses.

Since its inception, Anchor has garnered many accolades, such as over 500% growth in 2024. Many professional service businesses are adopting the Anchor platform, bringing about more profitability, lower losses in revenues, and faster sign-ups to agreement. All this speaks of a platform that changes the game with financial workflows in SMEs.

Anchor will be at the forefront of a revolution in the way SMEs bill and collect. With new funding, the company will continue to grow its team, further develop its platform, and establish strategic partnerships in pursuit of eliminating inefficiencies in invoicing and payment. Through this, Anchor will enable even more businesses to reach financial efficiency and success.