Ottimate
AP automation AI software
- 201-500 employees
- Hospitality
- B2B
- Payments
- SaaS
- Accounting
- Automation
- SoMa, San Francisco, CA
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Company mission
To make life a little easier for anyone eager to spend less time on AP and more time growing their business.
29% employee growth in 12 months
Our take
Accounts payable is a cumbersome side of financial management for the hospitality and restaurant sectors. High volume of deliveries of variable frequencies and size, along with the substantial chance of damage to perishable items, means that keeping track of short-term credit to various sellers is a tricky business. With belts having been drastically tightened across the hospitality sector in recent years, labor-intensive paper invoicing and back-office administration no longer cuts the mustard.
Ottimate's (previously Plate IQ) solution is to effect digital transformation across B2B payments and accounts payable in the hospitality sector. The company’s VendorPay allows customers to make payments directly to over 200,000 vendors straight from their AP platform, thereby streamlining and resolving the late payments issue that’s been growing steadily in the sector over recent years.
Margins in the sector are famously tight, so even the most modest of operational improvements can make substantial gains for hospitality businesses. Indeed, over 30,000 restaurants, hotels and grocery chains across the US are using Ottimate’s platform, including leading brands such as Best Western, Holiday Inn and Foodtown.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Health & Retirement: We offer comprehensive medical, dental, vision coverage as well as a 401(k)
- Paid Time Off: We offer plenty of vacation and personal time off to give you the time to step away, unwind, and recharge
Funding (last 2 of 3 rounds)
Nov 2021
$160m
SERIES B
Mar 2017
$4m
SERIES A
Total funding: $164.5m
This company has top investors
Leadership
Barrett Boston
(CEO)Previously CRO & Executive Officer for TriNet. Before that, they were the President of Americas with TravelClick and Vice President at IBM.