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procure-to-pay1 hospitality1 hotel-procurement1 ai-invoice-matching1 spend-management1 supplier-payments1 b2b-fintech1 saas1 erp-integration1 rebate-management1 expense-management1 gpo-rates1 inventory-management1 durham-nc1

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CompanyFintechSaas

Folio is a B2B fintech and procure-to-pay platform built specifically for the hospitality industry, primarily hotels and their restaurants. Often described as the 'Amazon for hotels,' it unifies purchasing, invoice processing, supplier payments, inventory, and expense management into one system, using AI to automate invoice matching and surface savings. Founded in 2023 by two former Plaid colleagues and based in Durham, North Carolina, Folio raised a $14M Series A led by Thrive Capital and Construct Capital in July 2025 and powers hundreds of hotels.

undisclosedSeed (earlier backers)

procure-to-payhospitalityhotel-procurementai-invoice-matchingspend-managementsupplier-payments