Tell us about JustPaid. What inspired the idea?
JustPaid, which launched June 2023, is a tech and AI company built from a need to help small businesses stay in control of their finances. After I had built my previous company DrChrono in 2009, I understood the pain all founders go through when managing day-to-day finance operations. I wanted to make building companies easier by democratizing some of what finance teams do. I then reconnected with my now JustPaid co-founders Anelya Grant (who was running her own successful accounting firm at the time) and Vinay Pinnaka (who was a software engineer at DrChrono), and the rest is history.
How does JustPaid benefit small businesses and start-ups?
JustPaid aids in handling companies’ payments, with AI-powered automation, benchmarking, contract tracking, opportunity alerts, and more – all in one platform. Our mission is simply to democratize the professional lives of company operators with our continuous review of contracts and bills to pay, and we have thousands in ARR and growing. Business owners can concentrate on actually growing the business, while JustPaid makes it easier to manage accounts receivables, accounts payable, automate collections and bill pay, and check invoices against contractual pricing to ensure companies are not being overcharged, a problem that costs companies upwards of $12B per year.
Why should business owners rely on AI vs. hiring an accounting team?
There’s a growing shortage of accountants, and according to a report by the Wall Street Journal from July 2023, with this growing shortage, we are getting past the time when a company can plug the needs by hiring another person to the finance/ accounting department. That’s where JustPaid and AI can plug that need. JustPaid AI Chat empowers your business financial decisions by transforming your accounting and revenue data into actionable insights.
What are some of JustPaid’s unique capabilities/points of differentiation?
JustPaid is unique in that we:
- Handle the full cycle of revenue management from invoice generation to getting paid
- Monitor financial KPIs, burn rate, runway, and revenue rate with our intelligent dashboard
- Combine multiple billing systems into one revenue dashboard
- Reduce the cost of transaction fees
- Track prepaid expenses and automatic amortization schedules
- Delegate and automate revenue collections
…and that’s just scratching the surface.
What can we expect for the future of JustPaid? Anything exciting in the works?
We just launched our new billing platform API. The platform allows customers, merchants, and other businesses to automatically track product usage and generate invoices by uploading usage data through a simple API integration. Users can easily create customer profiles, process payments, save time on manual entry, and manage customer communications directly within their own systems. The API provides a simple and secure way to save customer details, and bank account information, and process both one-time and recurring payments.
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Daniel Kivatinos, co-founder of JustPaid
Daniel Kivatinos is the co-founder of JustPaid, an entrepreneur and an investor living in Silicon Valley, California. Last year, he exited his last startup DrChrono, which according to Y Combinator, was in the top 1% of YC exited companies. Under Daniel’s leadership, as co-founder and COO, DrChrono scaled from a few users to thousands of customers, with over 4% of patients under the care of the software platform. Daniel has also won the 40 under 40 awards from Stony Brook University, was invited to the White House to work on healthcare initiatives during the Obama administration, and partnered with Apple on several projects.
JustPaid is an AI-powered finance tool specializing in providing small businesses with automated bill payment, contract validation, real-time AI financial auditing solutions, and more, and is backed by some of the most prestigious investors in the world including Mamoon Hamid (partner at Kleiner Perkins), Rebel Fund (Reddit cofounder Steve Huffman, Cruise co-founder Daniel Kan, Instacart co-founder Max Mullen, among others), Leah Culver (formerly building Twitter spaces), Arash Ferdowsi (former CTO/Dropbox cofounder), Jack Abraham (Atomic Venture), Lab Capital Advisors (Rumble, GLOSSLAB), Decacorn Capital and, as mentioned above, Y Combinator — to name a few.
