A new capital injection of $27 million has been made by the company in a Series A financing round.
We met the company's co-founders last year. Tech customers can integrate with commerce platforms and access financial data points to offer loans, launch in new marketplaces and streamline inventory sync for brand management if they have a universal e-commerce platform.
Rutter has similar tools for accounting systems and payment processors.
Zhou said that the main focus of the company was to end all of the confusion that exists for companies to plug into all of these channels.
He said that people are surprised that this is more fragmented than they thought.
New and existing investors include Comma Capital, Mischief Capital, Basis Set Venture, Haystack, the Chainsmokers, and a group that includes executives of companies like Modern Treasury and Airwallex. As part of the investment, a16z's Kristina Shen is joining the board.
The authorization flow. The image is called Rutter.
The company is working with customers, including Ramp, Airwallex, Uncapped and Lenkie on the fintech side. Rutter has plans to support more than 100 integrations by the end of the year.
Zhou plans to use the new funding to build out the team of 19 into 80 by the end of the year. He is focused on building a data infrastructure layer for commerce and building more features on the fintech side.
We need to scale with new people because we are seeing so much demand and product being pulled out of our hands.
The company has grown ten times in revenue since the second quarter of 2021.
Zhou says that this sector of e- commerce is an open field with a lot of demand and unmet needs. Its closest competitor focuses on fintech and not e-commerce, but Rutter's long-term goal is not to be a full-stack fintech company, and instead a data layer for commerce, he said.
Yu said that the company is going deeper into integrations and use cases. The company is seeing other use cases on the commerce side, including shipping, drop-ship and marketplaces.
New products and features in the future will be about getting data fast and in real time, as well as a webhook-based system to notify customers of orders.
4 trends that will define e-commerce in 2022
All Rights Reserved © 2024
