[Funding alert] Fintech startup CredFlow raises $2.1M in seed round; to strengthen tech capabilities
Fintech startup CredFlow will deploy the funds to develop its platform, strengthen its tech capabilities, and build new products.
Wednesday April 14, 2021,
2 min Read
New Delhi-based fintech startupon Wednesday said it has raised $2.1 million in its seed round led by Stellaris Venture Partners, Omidyar Network India, and Flourish Ventures. Marquee angel investors such as Nitin Gupta, Founder of Uni, also participated in the round.
According to an official statement, CredFlow will utilise the funds to develop its platform, strengthen its tech capabilities, and build new products. The startup is also looking to expand its team across tech, product, and marketing.
Launched in 2020 by Kunal Aggarwal, CredFlow offers a cashflow management SaaS platform, which helps SMEs manage their finances by using a dashboard of pending amounts by customers, sending timely payment reminders, validating invoices, and negotiating discounts for early payment.
“Delayed collection is a major challenge that Indian SMEs face and capital stuck in receivables is a leading cause for financial stress. Much of fintech innovation in the past decade has been focused either on large enterprises or retailers and micro-enterprises, while the mid-market B2B segment remains largely unaddressed. We’re excited to partner with Omidyar Network India, Stellaris Venture Partners, and Flourish Ventures in helping us leverage technology to realise this mission of making Indian SMEs truly Aatmanirbhar,” Kunal said in a statement.
According to the startup, over 5,000 businesses have used CredFlow to process and sync invoices worth more than Rs 70,000 crore to date.
The startup revealed that it aims to build a full-stack solution, including cash flow-based financing, treasury management, and payments management, to help SMEs optimise their cashflows and accelerate their growth.
Speaking about the funding, Treasa Mathew, Director at Omidyar Network India, said that CredFlow’s focused solutions can help improve the financial health of SMEs and accelerate their growth.
“CredFlow’s payment dashboard commands the attention of the business owner and becomes the primary daily MIS for the business. In the long run, this will help CredFlow become the financial operating system for SMBs, providing a view on their overall financial health, and helping them access a diverse set of own and third-party financial products,” said Ritesh Banglani, Partner at Stellaris Venture Partners.
Edited by Suman Singh