Growfin, a Singapore- and San Francisco–based fintech startup that provides SaaS for finance departments to track and collect payments and help manage the accounts receivable process, raised a $7.5 million Series A.
The round was led by SWC Global of Singapore, with participation from 3one4 Capital and angel investors. Growfin has now raised a total of $9 million.
The company plans to use this funding to continue expanding in the U.S. and Asia, and to double down on building more AI-based technology to expand its platform. Next up: a forecasting tool that predicts trends “based on past payment behavior and current receivables data through Growfin.”
The startup claims that the latest funding follows an 8x increase in customer numbers over the last year, during which Growfin assisted clients in collecting more than $1 billion in account receivables (AR).
Growfin’s initial product was an AI-powered finance CRM, which finance, sales, and customer success teams could use to connect in one place to handle customer relationships during payment and cash-collecting processes.
Instead of building an AR automation product, the company made a finance CRM that not only automates finance accounts receivable workflows but also provides the right collaboration capabilities and real-time visibility to sales, customer success, and customers themselves in one place.
It employs 40 people and plans to double its headcount this year in the U.S., where most of its clients are based, as well as in Asia.
“Managing receivables and collecting payments are often complex and compound even more as companies grow. Despite the growth of ERPs and CRMs such as Salesforce and Netsuite, I’ve understood that 90% of finance teams still manage their AR (account receivables) processes outside these tools, typically on spreadsheets or in-house databases,” said co-founder and CEO of Growfin, Aravind Gopalan. “This collaboration-first approach will offer better efficiencies and greater transparency and build trusted relationships between customers and businesses towards collecting B2B payments faster.”
Company: Sinecycle Technologies Inc.
Raised: $7.5M
Round: Series A
Funding Month: March 2023
Lead Investors: SWC Global
Additional Investors: 3one4 Capital
Company Website: https://www.growfin.ai/
Software Category: Account Receivable Automation Software
About the Company: Founded in 2021 by Aravind Gopalan and Raja Jayaram, Growfin is a modern accounts receivable automation software that helps enterprises accelerate cash collections and makes cash flows more predictable by giving real-time visibility into receivables, making collections smarter and more collaborative, and automating manual processes. The company’s software is purpose-built for streamlining and automating your receivables process across teams collaboratively. It automates your AR process and manages all your collection activities on a single platform. Growfin’s primary users currently scale B2B tech companies in SaaS, adtech, logistics tech, and edtech, and it now has 25 customers, including Intercom, Fourkites, Mindtickle, LeadSquared, and Quick Dry Restoration.
Source: https://techcrunch.com/2023/03/06/growfin-for-cfos-and-finance-teams-to-the-cash-collection-cycle/