New York-based fintech start-up Cleo Pay has made its market debut this week, launching an accounts payable automation platform targeting hotels, restaurants and other hospitality businesses.
The platform uses AI technology to automate vendor onboarding, invoice processing, and 1099 tax compliance, offering businesses same-day ACH transfer capabilities without per-transaction fees.
Cleo Pay was founded in 2024 by CEO Duncan Abdelnour, who developed the concept while working as a partner at Full:Life Hospitality, which operates four hospitality venues across New York.
A serial entrepreneur, Abdelnour also co-founded diagnostic testing services company CrowdHealth, event technology firm CrowdSync, event and attendee management platform CrowdPass, and Project 91, an event promotion and production company launched in 2019.
Speaking to FinTech Futures, Abdelnour confirms that his latest venture is currently self-funded, with partners Dwolla and Plaid providing account-to-account payments infrastructure and open banking connectivity, respectively.
Abdelnour says the start-up has “several key integrations and features on our roadmap to offer a full financial stack of tools to hospitality teams”, including virtual spend cards, and AI-powered invoice creation and data feeds.
Source: https://www.fintechfutures.com/
