TopKey lands $5.1M for trip rental monetary operation platform

TopKey, a monetary operation system for the hospitality sector, has raised $5.1 million in a Sequence A spherical.

The funding within the United States-based firm, which was based in late 2020, got here from Felicis and brings the startup’s complete funding to $6.9 million.

Presently in beta, TopKey goals to supply an expense administration, billing and cost platform initially targeted on trip rental property managers. 

The corporate initially targeted on constructing a market to attach homeowners and property managers however pivoted in mid-2021 to the monetary operation system.

Jonathan Sukhia, co-founder of TopKey, stated managing bills is a severe ache level for property managers as they need to pay for items and providers, calculate the fee throughout plenty of properties and cost the expense again to both the property proprietor or visitor or enterprise.

“It’s a really messy course of and errors are rife,” he stated.

A second space the place TopKey will assist property managers is within the total workflow, which may be very fragmented at the moment with completely different techniques for cost playing cards, banking, enterprise intelligence and invoicing.

“Property managers run at 10 to fifteen% margin. They’re small companies, usually quick rising so there’s a number of alternative, but it surely’s not a enterprise the place they’ll afford to flush away 1000’s a month.”

The platform automates a lot of the method, which amongst different duties sends texts to property managers when there’s a buy and permits them to add receipts, assign them to an inventory of preloaded properties and invoice the related social gathering.

TopKey can also be integrating with property administration techniques within the trip rental market.