CIBC Innovation Banking Fuels Procurify's Growth with US$20 Million Investment

Procurify, a leading AI-enhanced procurement and AP automation platform, has received a significant boost with a US$20 million growth capital investment from CIBC Innovation Banking. This strategic partnership will enable Procurify to expand its team and infrastructure, enhancing its spend management solutions and solidifying its position in the mid-market sector. With a focus on proactive spend management, Procurify aims to help businesses gain better control and operational efficiency through automation.


Procurify's AI-driven accounts payable (AP) automation solution is a key driver of its growth. By streamlining financial management processes and prioritizing vendor relationships, this innovative platform reduces manual errors, accelerates invoice processing, and ensures timely payments. The AI capabilities enable proactive spend management, allowing businesses to gain better control and operational efficiency. The integration of this new solution with Procurify's existing procure-to-pay platform further strengthens its competitive position in the market.


With the new capital, Procurify plans to expand its team and infrastructure to support its growing customer base and diverse product offerings. This investment will enable the company to attract more mid-market businesses seeking to control costs and achieve savings through proactive spend management. As a result, Procurify's customer base is expected to grow, with more global clients managing organizational spending through its platform. This strategic move will not only strengthen Procurify's market position but also attract more customers, further cementing its status as a critical ally for mid-market businesses.

CIBC Innovation Banking's investment in Procurify highlights the growing trend within the procurement technology sector and the significant opportunities it presents for investors. As businesses increasingly prioritize transparency and efficiency in spending, platforms like Procurify that focus on proactive spend management are becoming essential tools. With its robust suite of solutions and strong market position, Procurify represents a promising investment opportunity for those looking to capture growth in the FinTech sector.