Ontik Raises $3.7M to Transform B2B Wholesale Payments

Ontik, a company specializing in back-office tooling and payment automation, has raised $3.7 million in a recent funding round led by First Minute Capital. This investment follows a pre-seed round led by Concept in 2023. Ontik's innovative software aims to streamline the order-to-cash cycle, reduce time spent on payment processes, lower card fees, and decrease disputes through AI-powered solutions. The company is particularly targeting the UK building materials sector, a $100 billion market characterized by high-volume transactions and fragmented operations, making it ideal for automation. The platform is designed to integrate seamlessly with existing ERP systems, allowing for quick deployment across multifaceted wholesale environments. Ontik was founded by Chris and John Smith, who leverage their experience from a previous venture, Lendflo, and their family's SME construction business to tackle the trade credit challenges in the industry. The company has already launched in 30 branches with merchants like GH Brooks and Collier & Catchpole, demonstrating a pragmatic go-to-market strategy by providing a low-friction product that aligns with existing ERP frameworks.