US fintech start-up Received to close down

Company Closure: Received, a New York-based billing and accounts receivable platform, is shutting down. The decision was made by the company’s co-founder and CEO, Roi Ben Daniel, due to not being on the right growth trajectory.
Announcement: The closure was announced by Roi in a LinkedIn post, where he expressed regret and explained that the company will be unwinding after two years of operation.
Company Background:
- Founders: Received was founded in 2022 by Roi Ben Daniel and CTO Sai Betito.
- Services: The company provided automated invoicing, pricing models, contracts, and partner management solutions tailored for the B2B market.
- Team: The firm had a small team of 10 employees.
Partnerships: Received collaborated with major technology partners including Salesforce, Stripe, and Xero.
Reason for Closure: Roi mentioned that despite their efforts, they were unable to build the right product for the right customer at the right time, leading to the decision to close the company.
Industry Trend: The closure of Received is part of a broader trend of fintech closures this year, which also includes companies like UK-based Twig and Paysme, and San Francisco’s Tally.
Future Plans: Roi Ben Daniel plans to take a break over the summer and will explore new opportunities in the fintech sector afterward.