MakersHub
Overview
MakersHub is an innovative accounts payable platform designed to streamline financial processes for businesses. Founded in 2021 by Phong Ngo and Charley Howe, who met at The Wharton School's Executive MBA program, MakersHub is based in Austin, Texas. To date, the company has raised $11.5 million in funding, most recently securing an additional $7 million in seed funding led by QED Investors and TTV Capital. The platform helps businesses by eliminating manual data entry and integrating seamlessly with accounting tools such as QuickBooks, ultimately allowing businesses to harness more accurate data for financial decision-making.
Recent Developments
- December 2024: MakersHub raised an additional $7 million in seed funding to fuel its growth in the accounts payable technology space. This funding round was led by QED Investors and TTV Capital, joined by TRB Advisors, Dash Fund, and several angel investors.
- August 2024: MakersHub was recognized with the 2024 CPA Practice Advisor Tax and Technology Innovation Award for their WiseVision Technology, which automates accounts payable processes through advanced AI and Computer Vision.
- September 2023: The platform integrated 'WiseVision' technology, allowing for line-item extraction from bills and receipts, improving the efficiency of data processing in financial workflows.
- Early 2023: MakersHub expanded its client base globally, adding new functionalities to enhance its AI-powered accounts payable solutions, which now include automated bill splitting, purchase order syncing, and customizable approval workflows.
- 2023: MakersHub was chosen as one of the top 20 companies in TechCrunch’s Startup Battlefield competition.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2021 |
| Headquarters | Austin, Texas, United States |
| Founders | Phong Ngo, Charley Howe |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | QED Investors, TTV Capital |
| Industry | Financial Software |
| Number of Employees | Approximately 6 |
Early History
MakersHub was founded in 2021 by Phong Ngo and Charley Howe, who combined their extensive experience in technology and finance to address inefficiencies in accounts payable processes. The concept was born out of Phong Ngo's frustration with traditional accounting systems while managing a high-volume business. The initial design focused on leveraging AI to automate invoice processing, thus eliminating the need for time-consuming manual data entry. Their proprietary WiseVision technology, introduced in 2023, marked a significant evolution in the product, offering advanced data extraction capabilities. From the outset, they formed strategic partnerships to integrate with popular accounting software QuickBooks, positioning their platform as a versatile tool for finance and accounting professionals.
Company Profile and Achievements
MakersHub has distinguished itself in the fintech industry through its robust and scalable accounts payable automation solutions. The company's business model focuses on subscription-based access to its cloud platform, targeting small to medium-sized enterprises (SMEs) with high-volume financial transactions.
- Product Launch: MakersHub launched its core platform in 2021, offering integrated solutions with QuickBooks.
- Innovations: Intending to redefine accounts payable processing, the company developed its WiseVision technology which simplifies complex invoice data capture and approval processes.
- Achievements:
- Recognized with the CPA Practice Advisor’s 2024 Tax and Technology Innovation Award.
- Expanded its platform capabilities to include advanced features like automated bill splitting, multi-tier approval flows, and bi-directional QuickBooks syncing.
- Achieved a landmark 10x year-to-date growth in customer acquisition and commercial metrics by the end of 2024.
Current Operations and Market Position
MakersHub operates primarily within the financial services sector, offering an accounts payable platform that provides solutions for efficiently managing financial transactions, invoice processing, and integration with external accounting software. The platform's significant features include the elimination of manual data entry, enhancing accuracy and time efficiency in financial operations. The company's current market position is supported by its strategic integration with existing financial technologies, which allows them to offer a comprehensive AP automation platform. As market needs grow, MakersHub's investment in AI technology positions itself as a potentially disruptive force within accounts payable solutions.
MakersHub Pricing
MakersHub offers a subscription-based pricing model designed to accommodate businesses of various sizes, specifically targeting small and medium enterprises looking to enhance efficiency in their accounts payable departments. While specific pricing details are undisclosed, the company offers potential clients a demo and trial period to explore its platform's capabilities.
MakersHub Logo
The MakersHub logo represents its brand identity as a forward-thinking, tech-savvy company dedicated to innovation in financial workflows. The logo, available for viewing and download on its official website, is modern and reflects the digital transformation makershub aims to provide to its users.
Conclusion
MakersHub has rapidly emerged as a significant player in the fintech space, leveraging advanced AI-driven solutions to revolutionize accounts payable processes. With a strong focus on innovation and customer-centric features, the company is poised for further growth. Its recent funding, combined with notable industry recognition, underscores its potential to expand its influence and continue enhancing its offerings, thereby setting new standards for efficiency and accuracy in financial data management. Looking ahead, MakersHub's commitment to scalability and integration with major financial trends suggests a promising trajectory in the global financial technology landscape.