Growfin, a SaaS fintech startup, has raised $7.5 million to boost its operations in the US and Asia to double down on building more AI-based technology and expand its platform.
The Series A funding round was led by Singapore’s SWC Global, the startup said in a statement.
Growfin, that is based in Singapore and San Francisco, aims to provide modern CFOs with real-time visibility and predictability in cash flow. The startup provides SaaS for finance departments to track and collect payments and to help manage the accounts receivable process.
Growfin touts that the latest funding comes as they also increased their customer numbers by 8x over the last 12 months. The startup said that they have helped clients collect more than $1 billion in account receivables (AR).
Founded in 2021 by Aravind Gopalan and Raja Jayaram, who were plagued by cash flow constraints in their previous startups, Growfin was officially launched in March 2022 after completing focus groups with over 200 finance professionals worldwide to build the product.
This 2023, Growfin plans to expand its product range from a finance customer relationship management tool (CRM) to an all-in-one integrated cash solution for B2B enterprises.
And despite the widespread use of services like Salesforce and Netsuite, Gopalan, about 90% of the finance teams still manage their AR processes without these tools, says Gopalan, who is the Growfin CEO.
Basing on the recent Gartner report, Growfin said that many of the CEOs and CFOs tech companies continue to feel unprepared for the current economic downturn.
To caution the impact of the economic downturn, 78% of these companies have invested in automation and cash flow visibility to build their CFO tech stack.
Gapalan said they have major concerns about the accuracy of the data on their cash flow positions.
Companies are also anticipating how their numbers “will come under increased scrutiny in 2023 from their boards and investors owing to current market conditions.”
Growfin is helping address the headaches being experienced by CFOs with its wide range of service offerings.