Penny. Software raises $1.35 million Seed with participation from Wamda

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

• Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
• Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
• History and records of requests and purchases can be extracted and tracked easily via the platform. 
• Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
• Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
• penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.