What Lockstep does

Lockstep is a Seattle-based, venture-backed SaaS company founded in 2019 that operates a "connected accounting" platform designed to unify and automate invoice processing and accounts receivable workflows. The platform processes over $2.5 billion in invoices monthly, indicating meaningful operational throughput, and is targeted horizontally at mid-market and enterprise businesses that need to connect fragmented accounting systems and eliminate manual invoice handling. The product positioning emphasizes workflow connectivity between accounting teams and adjacent financial systems rather than standalone ledger functionality.

The company monetizes through a subscription-based SaaS model, charging businesses recurring fees for access to its invoice processing and accounting automation capabilities. Pricing is not publicly disclosed. Its go-to-market is enterprise-focused, with sales-led engagement targeting mid-market and larger customers. The leadership team is led by co-founder and CEO Peter Horadan, supported by a commercial function (CCO Chip Greer), a Chief Solution Officer (Bill Henslee), a Chief Strategy Officer (Matt Shanahan), and finance leadership (VP Finance Preethi Pragash).

Lockstep has raised approximately $13 million in disclosed venture funding, including a $10 million round in February 2021 led by Point72 Ventures (with Avid Ventures, Clocktower Technology Ventures, and Revel Partners) and a $13 million Series A in August 2021 that included a $2.5 million strategic investment from American Express Ventures. The company has signaled organizational scaling ambitions, with plans to double headcount in 2021, and has also engaged in portfolio investment activity, including participation in Artemis's 2026 Series A. The company reports 51-100 employees and maintains a single headquarters in Seattle.

Name

Lockstep

Legal name

Lockstep

Website

https://lockstep.io

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Lockstep is a Seattle-based SaaS company that provides a connected accounting platform automating invoice processing and accounts receivable workflows for mid-market and enterprise businesses, processing over $2.5 billion in invoices monthly.

Ownership category

akta.pro rank

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Connected Accounting SaaS: Subscription-based software-as-a-service platform for connected accounting, likely charging businesses for access to its invoice processing and accounting automation capabilities.

Go-to-market motion1 record

Core offering

Lockstep provides a cloud-based connected accounting platform that automates invoice processing and links accounting workflows across teams. The platform processes over $2.5 billion in invoices monthly, offering accounts receivable automation, dynamic payment behavior scoring, and cash-receipts analytics for mid-market and enterprise businesses.

Product overview

Lockstep offers a connected accounting platform that provides a unified solution for accounting automation and workflow connectivity. The platform processes over $2.5 billion in invoices monthly. The product serves as the company's primary and only named offering.

Differentiator

Problem solved

Functional benefit

Products and services

• Lockstep Connected Accounting Platform A cloud-based connected accounting SaaS platform that automates invoice processing and links accounting workflows across teams for mid-market and enterprise businesses. The platform processes over $2.5 billion in invoices monthly and offers accounts receivable automation, credit-risk scoring, collections automation, and cash-receipts forecasting.

Quantifiable outcome

• Processes over $2.5 billion in invoices monthly

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves2 records

Expansion highlights4 records

Direct peers

• Versapay: Versapay offers AR automation and collaborative invoicing solutions targeted at mid-market and enterprise B2B companies. It directly overlaps with Lockstep's connected accounting and invoice processing value proposition, particularly around collections automation and customer payment experiences.
• AvidXchange: AvidXchange specializes in AP automation and invoice processing for mid-market businesses, with a strong focus on the real estate and HOA verticals. Its invoice processing and payment automation capabilities directly overlap with Lockstep's core connected accounting / invoice processing offering.
• HighRadius: HighRadius provides AI-powered order-to-cash and treasury management software for mid-market and enterprise finance teams. Its AR automation, collections, and invoice-to-cash modules directly overlap with Lockstep's connected accounting platform, particularly for larger enterprise accounts.
• Stampli: Stampli is an AI-driven AP automation platform that streamlines invoice processing, approval workflows, and payments for mid-market finance teams. Its invoice-centric, collaborative AP approach is highly comparable to Lockstep's connected accounting workflows.
• Bill.com: Bill.com is a leading AP/AR automation SaaS platform serving SMB and mid-market businesses with bill pay, invoicing, and cash flow management. It directly competes with Lockstep in automating accounts receivable and invoice workflows for similar business customers, but at materially greater scale and brand recognition.
• Tipalti: Tipalti provides end-to-end payables automation, including invoice capture, approval workflows, and global payments. While more AP-focused, it overlaps with Lockstep's invoice processing and accounts payable/receivable automation capabilities for mid-market and enterprise customers.

Broad incumbents

• Sage AR Automation: Sage is a major incumbent financial software vendor serving SMB and mid-market with Sage Intacct, Sage 50, and Sage AR Automation. Its AR automation product offers collections, credit scoring, and cash flow forecasting — overlapping directly with Lockstep's offerings but distributed through Sage's much larger ERP customer base.
• NetSuite (Oracle): Oracle NetSuite is a leading cloud ERP suite that includes AR, AP, and invoice management modules. As an incumbent ERP, it provides native connected accounting workflows that compete with Lockstep's value proposition for enterprise and mid-market finance teams.
• Ramp: Ramp is a fast-growing corporate card and spend management platform that includes AP automation, bill pay, and accounting integrations. While primarily SMB-focused and broader in scope, Ramp's bill pay and automated invoice processing compete for the same finance team buyers as Lockstep.
• Brex: Brex is a corporate card and spend management platform that has expanded into AP automation and bill pay. Its embedded finance and accounting integrations place it in competitive overlap with Lockstep's connected accounting platform, particularly for tech-forward mid-market companies.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Lockstephq

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lockstep