Payable
Payable, formerly known as Tiempo, is a company based in San Francisco that specializes in simplifying and automating onboarding, payments, and 1099 compliance for external workforces. Acquired by Stripe in 2017, it has ceased self-serve access and integrated its services with Stripe Connect.
Company Overview
Payable, formerly known as Tiempo, is a company located in San Francisco, CA, specializing in the B2B finance and accounting sub-industry. The company simplifies and automates the processes of onboarding, payments, and 1099 compliance for external workforces. Its offerings aim to consolidate disparate and manual processes, enabling faster payments to contractors.
Founders
Payable was founded by a small team comprised of two members. Specific details about the founders have not been provided, but their contributions have led to industry recognition and substantial backing by prominent venture capital firms.
Industry and Sub-industry
Operating within the B2B sector, Payable focuses on finance and accounting solutions targeted at the onboarding and payment automation for contractors. The company has carved a niche in the B2B finance and accounting sub-industry by addressing compliance issues related to 1099 forms.
Venture Capital and Support
Payable has been supported by significant venture capital firms, including Freestyle Capital, Redpoint Ventures, General Catalyst, Moment Ventures, and Y Combinator. This support has provided the company with the financial backing and guidance necessary to expand and innovate in their offerings.
Acquisition by Stripe
In 2017, Payable was acquired by Stripe, a leading financial technology firm. Post-acquisition, Payable's services integrated into Stripe's offerings, including a service on Stripe Connect for 1099 reporting and filing. As of June 15, 2021, Payable ended its self-serve access, with support for data access available until June 30, 2024.
Y Combinator Participation
Payable was part of Y Combinator's S14 batch. This participation provided the company with invaluable mentorship, resources, and networking opportunities, propelling its growth in the B2B finance and accounting space.