DocuPhase, a finance and accounting process automation platform, has received an undisclosed amount in an investment from Aquiline Capital Partners LP and Level Equity.

The company plans to use the funding to expand its product suite and invest in product development. Specifically, DocuPhase plans to grow its newly launched vendor payments solution.

DocuPhase offers an automation platform enabling users to automate various finance and accounting processes. The platform provides solutions for automating approval processes associated with purchase orders, sales orders, invoice captures, payment approvals, vendor management, and employee onboarding. Moreover, users can also extract, store, and manage data from invoices, contracts, HR records, and other financial documents and create custom web forms.

Analyst QuickTake: DocuPhase was the second accounting and finance process automation platform to receive funding last month. It is joined by Datasnipper , which raised USD 100 million in Series B funding at a USD 1 billion valuation. While DocuPhase is a comparatively much smaller company, it aims to differentiate itself by providing a vendor payments solution that enables users to automate compliant payment operations across various channels, such as automated clearing house, online, interactive voice response, and text-to-pay.