TopKey, a monetary operation system for the hospitality sector, has raised $5.1 million in a Sequence A spherical.
The funding within the United States-based firm, which was based in late 2020, got here from Felicis and brings the startup’s whole funding to $6.9 million.
Presently in beta, TopKey goals to supply an expense administration, billing and fee platform initially targeted on trip rental property managers.
The corporate initially targeted on constructing a market to attach homeowners and property managers however pivoted in mid-2021 to the monetary operation system.
Subscribe to our publication beneath
Jonathan Sukhia, co-founder of TopKey, stated managing bills is a critical ache level for property managers as they must pay for items and providers, calculate the fee throughout various properties and cost the expense again to both the property proprietor or visitor or enterprise.
“It’s a really messy course of and errors are rife,” he stated.
A second space the place TopKey will assist property managers is within the general workflow, which could be very fragmented presently with totally different techniques for fee playing cards, banking, enterprise intelligence and invoicing.
“Property managers run at 10 to fifteen% margin. They’re small companies, typically quick rising so there’s a whole lot of alternative, nevertheless it’s not a enterprise the place they will afford to flush away 1000’s a month.”
The platform automates a lot of the method, which amongst different duties sends texts to property managers when there’s a buy and permits them to add receipts, assign them to a listing of preloaded properties and invoice the related social gathering.
TopKey can be integrating with property administration techniques within the trip rental market.