Lockstep

Lockstep

Cloud-native AR/AP workflow automation platform

Overview

Lockstep provides cloud-native software that automates accounting workflows between companies. It focuses on automating accounts receivable (AR) and accounts payable (AP) processes and syncing financial data across B2B trading partners. The platform connects with more than 40 accounting and ERP systems to form a network of over 26,000 businesses, and offers an API that lets third-party developers build connected fintech applications. The goal is to replace manual, siloed processes with automated, end-to-end workflows that improve cash flow for SMBs and streamline collaboration among accounting teams. Unlike others, Lockstep emphasizes a networked approach—linking multiple financial systems and partners—supported by a scalable API and a growing partner ecosystem, which led to its acquisition by The Sage Group to expand the Sage Network and broader connected accounting vision.

About Lockstep

Simplify's Rating
Why Lockstep is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Enterprise Software

Fintech

Company Size

11-50

Company Stage

Series A

Total Funding

$10M

Headquarters

Seattle, Washington

Founded

2023

Simplify Jobs

Simplify's Take

What believers are saying

  • Sage acquisition in August 2022 expands Lockstep to Sage's global SMB customer base.
  • SYSPRO partnership automates invoice-to-cash, delivering 30% cash flow improvements.
  • REPAY integration streamlines payments within Sage systems, reducing DSO significantly.

What critics are saying

  • Sage's native AR automation cannibalizes Lockstep Receivables within Sage ecosystem.
  • Bill.com erodes market share with $100B payments volume and 10,000+ integrations.
  • Sage Intacct native AR/AP features diminish demand for Lockstep add-ons.

What makes Lockstep unique

  • Lockstep pioneered connected accounting by automating AR/AP workflows between B2B trading partners.
  • Lockstep API enables fintech developers to build applications integrating with 40+ accounting systems.
  • Lockstep Self-Service portal offers free customer/vendor access to statements and payments via Stripe.

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Funding

Total Funding

$10M

Below

Industry Average

Funded Over

1 Rounds

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.
Series A Funding Comparison
Below Average

Industry standards

$15M
$8.2M
Discord
$10M
Lockstep
$15M
Canva
$30M
Kalshi

Benefits

Well established

Equity

work-life balance

Medical benefits

Growth

Remote environment

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
Rocky Mountain Air Solutions
Sep 28th, 2023
We Partnered with Lockstep® Receivables to Provide Flawless Dependa(bill)ity

Rockymountainair partnered with Lockstep® Receivables to provide flawless dependa(bill)ity.

Bar & Bench
Aug 8th, 2023
Khaitan, induslaw, skadden, wilson Sonsini act on Sage Software acquisition of Lockstep Inc

Khaitan, induslaw, skadden, wilson Sonsini act on Sage Software acquisition of Lockstep Inc.

ACI Consulting
Jul 6th, 2023
Expanding capabilities

One notable example from the event was the announcement of Sage Intacct’s acquisition of Lockstep.io, a leading provider of accounts receivable automation software.

PYMNTS
Apr 20th, 2023
Lockstep Adds Payment Acceptance To B2B Connected Accounting Network

Lockstep has added new payment acceptance to its connected accounting network for B2B companies. The company’s Lockstep Self-Service now enables companies to accept online payments from customers using Stripe, PayPal or the merchant processor of their choice, Lockstep said in a Thursday (April 20) press release. “A major pain point for B2B companies is the lack of a cost-effective, automated eCommerce solution to accelerate payments,” Lockstep Co-founder and Vice President of Strategy Matt Shanahan said in the release. “By activating payments in Lockstep Self-Service, we are furthering our vision of connected accounting by helping companies automate the collections and cash application while improving the customer experience.”

GeekWire
Feb 9th, 2023
Geekwire 200 Update: Here’S Who Is Moving Up Our List Of Top Pnw Startups

The latest highlights and hottest startups from the GeekWire 200 , our monthly ranking of Pacific Northwest tech companies. Click here for the full GeekWire 200 ranking .Several new companies joined the GeekWire 200 while a handful “graduated” in the latest update to our index that ranks the Pacific Northwest’s top privately-held startups.The ranking is derived from our broader list of more than 1,100 tech startups with headquarters in Washington, Oregon and Idaho, and British Columbia.The rankings are generated using a weighted algorithm that accounts for social media followings, approximate employee counts (via LinkedIn) and inbound web links.A startup “graduates” from the list if it gets acquired or goes public. Exit value tumbled across the board last year amid rising interest rates and declines in public tech stock valuations. But some analysts are predicting recovery in the latter half of 2023.Read on for takeaways from the latest rankings.NewcomersThe top ten GeekWire 200 startups in Q4 2022 versus the current rankings.Biggest moversJobscan (No. 125) rose 45 spots. The startup helps job seekers by optimizing their resumes to fit the positions they are pursuing

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