Ordway secures $20m to expand AI billing platform

By Milan Rojan

US-based billing and revenue management platform Ordway has secured $20 million in combined equity and debt funding to accelerate its artificial intelligence (AI) product development and business expansion. The funding round has been led by Harbert Growth Partners, with debt participation from Western Alliance Bank’s Innovation Banking Group.

Ordway has said it will double its research and development (R&D) budget using the new capital, with investment focused on AI agents designed to automate routine billing, accounting and investor reporting tasks.

The company has also planned to expand its reporting capabilities with AI-powered forecasting for cash flows, customer churn and revenue growth. Its recent AI developments have included cash reconciliation tools, contract data extraction and MCP access for Claude.

Founded in 2018 and headquartered in Washington, DC, Ordway has provided software for subscription and usage-based billing, accounts receivable, revenue recognition and financial reporting.

Sameer Gulati, Founder and CEO of Ordway, has said the company has been focused on improving the handoff between sales and finance, which has remained a challenge for businesses managing increasingly complex pricing and revenue models.

Alongside the funding, Ordway has launched Ordway Payments, a unified payments platform designed to reduce manual processes involved in payment processing, invoice matching and revenue reconciliation.

Ordway has reported that its recurring revenue has doubled over the past two years while the company has remained profitable. The business has also seen increased demand from enterprise customers managing multiple legal entities, general ledgers and financial reporting jurisdictions.

The funding has positioned Ordway to increase investment in AI-enabled financial automation as businesses have adopted more complex subscription, usage-based and hybrid revenue models.