Funding Bolsters Mission to Help Accounting Departments Work Better Together
Seattle, WA – August 11, 2021 — Lockstep, the world’s first connected accounting platform, today announced a strategic investment from American Express Ventures. The investment, which finishes out the A+ round, will be used to expand personnel in product, engineering, and marketing. Lockstep announced their $10.5M Series A in February of this year led by Point72 Ventures with participation from Clocktower Ventures, Revel Partners, and Avid Ventures. The round brings the total funding to $17M since inception.
Lockstep integrates with cloud and on-premise ERP and accounting solutions and provides services to help accounting teams work together. Lockstep processes over $2.5B of invoices per month across four million accounting departments. Lockstep was recently acknowledged by Gartner in the Market Guide for Integrated Invoice-To-Cash Applications and was named a Major Player in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications for Midmarket 2020-2021 Vendor Assessment (doc # US47032320, December 2020). Lockstep also recently won the TITAN Platinum award for Startup IT Company of the Year. As Lockstep works to double headcount by the end of the year, the Seattle-based startup recently brought on an EVP of customer success, an EVP of marketing and a VP of finance to help lead the charge.
“Lockstep modernizes businesses where it is needed most – accounting and finance departments,” said Lindsay Fitzgerald, Managing Director at American Express Ventures. “At American Express Ventures, we focus on fintechs that innovate payments between companies. By connecting the world’s AR and AP departments, Lockstep empowers companies everywhere to efficiently control their payments, cash flow, and working capital.”
Most accounting departments today are still using highly manual email and spreadsheets workflows to manage their cash flow and working capital. A recent Lockstep survey found that over ninety percent of the email addresses that accounting departments use to work with trading partners have no automation to help streamline their cash management workflow. Lockstep modernizes AR and AP by automating workflows, bookkeeping, payments, and data sharing.
“We’re thrilled that American Express Ventures is joining our mission to transform the way accounting departments work together,” said Peter Horadan, Chief Executive Officer and cofounder at Lockstep. “Our rapid growth demonstrates the desire of accounting departments to have efficient, trusted connections with their trading partners.”
Lockstep customers improve cash flow by 30 percent or more by removing the friction caused by email, portals, and paper between accounts receivable and accounts payable. For more information on Lockstep please visit: https://lockstep.io.
Lockstep connects the world’s accounts receivable (AR) and accounts payable (AP) departments so they can work better together. Founded in 2019, Lockstep automates the sharing of accounting data between B2B trading partners to keep their books in sync and accelerate payments. Based in Seattle, Lockstep’s connected accounting platform improves cash flow, working capital, and accounting efficiency. For more information, please visit: https://lockstep.io.
About American Express Ventures:
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
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