citybiz+ JustPaid Raises $3.5 Million from Rebel Fund and Others

JustPaid, a startup developing AI-based financial tools for startups and small- and medium-sized businesses, has raised $3.5 million in a seed funding round, and announced the launch of a suite of services.

Investors include Rebel Fund, an initiative of former Y Combinator partners such as Reddit co-founder Steve Huffman, Cruise co-founder Daniel Kan and Instacart cofounder Max Mullen; and angel investors Leah Culver (formerly of Twitter), Dropbox co-founder Arash Ferdowsi, Atomic founding partner Jack Abraham, Kleiner Perkins partner Mamoon Hamid, Orange Collective, Decacorn Capital, Lab Capital Advisors and Y Combinator.

“I launched JustPaid to give startups the visibility I didn’t have!” said JustPaid co-founder Daniel Kivatinos, a serial entrepreneur whose previous ventures include DrChrono. “Founders and their teams need a copilot providing a usable dashboard to make them certain about cash flow visibility into their company, and JustPaid is giving financial insights real-time,” he added.

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$5 Billion Market
JustPaid, aka LoopFour, was co-founded in 2022 by Kivatinos, Anelya Grant, who previously founded a tech-focused accounting firm, and engineer Vinay Pinnaka. It has developed an AI-powered financial controller to automate bill payments and to check invoices against contractual pricing. Along with continuous AI-based auditing, JustPay says it can prevent invoice fraud totaling $12 billion annually, and costing the average US organization in excess of $300,000. JustPaid reckons the market for its financial tools is about $5 billion.

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“Before we launched JustPaid, I was struggling with the lack of workflow. There are so many software solutions, but I had to piece it all together through Excel, and reading PDF documents,” said Grant, whose previous startup provided accounting support to angel and VC-funded tech startups.

“When founders have enough tools to understand their finances the company’s employees will feel more secure,” said Pinnaka, who worked with Kivatinos at DrChrono. “Before starting JustPaid, I saw the struggles startups have not knowing their spend.” Pinnaka holds a master’s degree in Computer Science, with specialization in Human-Computer Interaction.