US fintech start-up Received to close down
Received, a New York-based billing and accounts receivable platform, is closing down, with company co-founder and CEO Roi Ben Daniel saying the team came to the decision “after realising we’re not on the right growth trajectory”.
Received set to close down
In a LinkedIn post announcing the news, Roi writes: “We are sorry to update that after 2 intensive years we will be unwinding Received.”
Founded in 2022 by Roi and CTO Sai Betito, Received serves the B2B market with solutions for automated invoicing, pricing models, contracts, and partner management.
The firm, which has a 10-strong team, collaborates with prominent technology partners such as Salesforce, Stripe, and Xero.
In his LinkedIn post, Roi continues: “We started Received in 2022 to solve B2B billing and revenue automation. We believed there was an unsolved market need, building a product that automates B2B revenue streams, complex B2B contracts and flexible pricing in a way that hasn’t been done before.
“There is a lot to be said about the journey, but it really boils down to building the right product, for the right customer, at the right time. That equation didn’t work for us this time around.”
“We punched above our weight, and fought a good fight,” he adds.
Roi concludes: “I am currently taking the summer off, for a much needed vacation. Soon, I will be open to new opportunities in fintech.”
Received is the latest in a series of fintech closures this year, joining the likes of UK-based Twig and Paysme, as well as San Francisco’s Tally, which revealed earlier this month that it is set to close down after failing to secure the funding needed to continue operating.
