The digital business network has already automated over 100,000 digital invoice payments for hundreds of healthcare and real estate management companies
Brooklyn, New York – WEBWIRE – Tuesday, November 8, 2022
We created Cherry after working in businesses that struggled to manage more than 500 vendor payments monthly that enabled errors, fraud, and scores of precious manual hours wasted. By creating a seamless invoicing and payment digitalized workflow. – Moshe Teitelbaum Co-Founder and CEO of Cherry
Today Cherry emerged from stealth with $4 million in seed funding led by NFX to scale its digital business network that enables live tracking of invoices and payments while eliminating manual processes. The invisible network works behind the scenes and acts as a centralized clearinghouse that connects and synchronizes dozens of accounting software and payment applications. The funding will enable the startup to scale its team and onboard thousands of customers that are waiting to use its platform.
The Problem: Disconnected Systems and Manual Processes
Businesses today are still inundated with dozens of accounting and payment systems to manually process invoices and payments from vendors and customers. All these systems operate in a silo and require manual qualifiers, data entry, and for accounting teams to reconcile at the end of each month, or risk putting the business in financial and legal trouble
We created Cherry after working in businesses that struggled to manage more than 500 vendor payments monthly that enabled errors, fraud, and scores of precious manual hours wasted, explained Moshe Teitelbaum, Cherrys co-founder and CEO. By creating a seamless invoicing and payment digitalized workflow.
Cherrys Solution: A Network that Automates Payments for all Accounting Systems
Cherrys solves this by acting as a centralized network that processes payments and automates the transfer of records. Its platform works with all banks and payment types (e.g. checks, ACH, EFT, bank wires, and credit and debit card payments), and is compatible with more than a dozen accounting applications including Quickbooks, Sage Intacct, Yardi, Netsuite, Workday, AppFolio, SAP, Acumatica, RentManeger, and others.
Cherrys digital payment platform ensures that no payment ever goes offline, bringing unmatched fraud prevention, control, and transparency on our payables. Pre-Cherry, we had no way of knowing the status of a transaction without directly communicating with the other party. With Cherry, we have clear visibility on every transaction, across all our companies, at every step of the way. Everything is always online, said Naftali, CFO of Curis Services, managers of nearly 100 nursing home facilities.
Since launching in February 2022, the platform has processed more than 100,000 transactions worth $350 million. The company has seen early success with nursing homes, independent healthcare facilities, and real estate management firms due to their complicated management, compliance, and legal structures. Its platform is already being used in roughly 500 nursing homes and has a waitlist of hundreds of management companies representing thousands of healthcare facilities and property units.
Payment networks are only as strong as the number of people and businesses they are compatible with, explained James Currier, General Partner at NFX. By enabling the seamless integration of dozens of different accounting and payment platforms, Cherry is truly creating a network effect that will make all these applications more useful.
Companies and people interested in learning more about Cherry and its platform can learn more at: https://cherrynet.com/
About Cherry
Launched in February 2021, Cherry enables businesses to automate accounting and transaction processes. Its platform works with all major banks and payment types and is compatible with more than a dozen major accounting applications. The companys network is already being used by hundreds of businesses and processed more than $365M transactions.
About NFX
NFX is a leading seed-stage venture firm based in San Francisco, CA, and Herzlia, Israel. Founded by entrepreneurs who built 10 companies with more than $10 billion in exits across multiple industries and regions, NFX is transforming how true innovators are funded. With expertise in platforms and network effects, NFX partners with the worlds best founders to solve problems – at scale – with the power of technology.
WebWireID296385
- Contact Information
- Riley Munks
- Media Contact
- NFX for Cherry
- riley@nfx.com
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.
