Today, General Catalyst Partners (GC) announces their investment in Payable, a 1099 tax and contractor payments service that integrates with Stripe Connect. Payable is the second addition to the GC Stripe Platform Fund, a program through which GC plans to invest $10 million in venture capital geared toward rapidly accelerating startups built on top of Stripe Connect.
Stripe Connect enables businesses and individuals to connect their Stripe account with other services. In a single click, a company can start selling on Twitter, integrate with their web analytics, or access their Stripe data on a mobile device.
Payable uses Stripe Connect to power its contractor payments platform. In a tap, companies can easily send payments to independent contractors for their work. In addition to business payments, Payable has just launched a new tax integration for Stripe Connect companies.
Starting this month, marketplace platforms using Stripe Connect will have the ability to seamlessly integrate their payments data with Payable’s 1099 tax service. The service, including e-delivery and e-filing of forms, will be included for free as part of Stripe Connect.
“Payable tackles the most difficult financial problems that face the 1099 Economy,” said Prateek Alsi, a principal at General Catalyst. “We’re thrilled to see Payable build on the Stripe Connect platform to give marketplaces an easy way of handling 1099s.”
The investment has enabled Payable to build a first-of-its-kind tax service for Stripe Connect users, further demonstrating how the platform fund spurs innovation within the Stripe ecosystem.
“General Catalyst recognizes companies that are doing great things on top of Stripe Connect. Joining the GC Stripe Platform Fund accelerates our ability to build meaningful products that grow both Payable and the Stripe ecosystem.” said Tad Milbourn, CEO of Payable. “Our newest integration with Stripe Connect provides a unique and seamless solution for one of the most complex business obligations: taxes.”
General Catalyst Partners is a venture capital firm that makes early-stage and transformational investments. The firm backs exceptional entrepreneurs who are building innovative technology companies and market leading businesses, including Airbnb, BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto (fka ZenPayroll), The Honest Company, HubSpot, KAYAK, Oscar, Snapchat, Stripe, and Warby Parker. The General Catalyst partnership leverages its broad experience to help founders build market-leading businesses. General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York City.