US-based Elite Technology, which works with some of the world鈥檚 most successful law firms, has acquired growing London FinTech Tranch.
Tranch, which also has a base in New York, was co-founded in 2021 by CEO Philip Kelvin and CTO Beau Allison, who previously worked at Trussle.
The startup works with many of the largest global law firms to help facilitate faster and easier payments through automation and innovation.
In 2023 Tranch, a buy now, pay later platform for business, raised 拢81m in equity and debt funding.
Philip Kelvin, CEO of Tranch, said: 鈥�Investments in technology and innovation by law firms have lagged historically in the area of financial operations, and our data reveals there are still significant inefficiencies that have not yet been solved from when an invoice is issued to payment, leaving a large opportunity for improvement across firms of all sizes.
鈥淚n 2024, Tranch more than tripled its payment volume with many of the largest global law firms, including Elite customers, to help facilitate easier and faster payments through automation and innovation.
鈥淲e are excited to join Elite as we scale our capabilities further and continue our rapid, product-led innovation.鈥�
The legal industry is increasingly moving to cloud-based systems and SaaS solutions.
Elite provide financial management and business operations solutions to some of the world鈥檚 most successful law firms.
Mark Dorman, CEO of Elite, added: 鈥淭ranch is an innovative leader that is revolutionising payment processes for law firms, and we look forward to welcoming Philip, Beau and the entire Tranch team to Elite.
鈥淏y embedding Tranch鈥檚 products within our portfolio of SaaS solutions, we will offer our customers greater choice and flexibility in managing their work-to-cash process, which will help law firms reduce payment delays, increase cashflows and, ultimately, boost profitability.鈥�
Through its next-generation platform, Tranch provides a frictionless invoice-to-payments experience that allows law firms to reduce their cash collection cycle and handle more work without proportional staff increases to its finance teams, enhancing profitability.
The deal size has not been disclosed.