CIBC Innovation Banking provided $20 million in growth capital to Procurify, a leader in proactive spend management solutions. This funding will support Procurify’s continued development of innovative procurement technologies and its mission to enhance organizational spend transparency and efficiency.

Procurify’s suite of proactive spend management solutions includes the recent launch of an all-new accounts payable (AP) automation solution. Building on the success of its existing AP platform and established customer base, this new AI-driven solution works efficiently across financial management processes, prioritizing vendor relationships.

"Working with CIBC Innovation Banking, we’ve been able to deliver new AP automation capabilities which are helping businesses gain better control and operational efficiency through automation," said Aman Mann, CEO of Procurify.

“Procurify is building strong momentum towards transforming organizational spend management,” said Josh Olawale, Director at CIBC Innovation Banking. “Their procure-to-pay platform can assist companies in effectively maintaining budgetary control and enhance operational efficiencies helping to position Procurify as a leader in end-to-end spend management.”