SaaS startup Growfin raises $7.5M in Series A funding led by SWC Global
The funding round saw participation from existing investors 3one4 Capital and angels, chief financial officers, and other industry leaders.
Fintech platformhas raised $7.5 million in Series A funding led by Singapore-based venture capital firm SWC Global. The Series A round also saw participation from existing investors 3one4 Capital, angels, chief financial officers, and other industry leaders.
The company said it plans to invest the money in its tech stack and expand its product offerings this year and evolve into “all-in-one integrated cash solution” and improve its product’s predictive artificial intelligence (AI) capabilities.
The Wilmington-incorporated software-as-a-service (SaaS) startup had raised $1.4 million in seed funding from early-stage VC firm 3one4 Capital and a group of angel investors a year ago.
Aimed at solving the challenges of the revenue and finance teams, Growfin’s business-to-business payments collection/automation platform makes cash flows more predictable by providing visibility into account receivables (the amount due to a business from its customers to whom the products/services have been delivered).
The company, whose team is mainly based in Chennai, says it has seen 8X growth in number of customers in the last 12 months, and that it has collected $1 billion in account receivables. Some of its notable customers include last-mile logistics tech company Locus, virtual and hybrid event platform Airmeet, customer communications platform Intercom, and sales readiness platform Mindtickle.
Growfin was founded by ex-Freshworks alumni Aravind Gopalan and Raja Jayaraman, whose startup Frilp, a social recommendation tool, was acquired by the SaaS major in 2015. The duo launched the startup publicly a year ago along with its seed funding announcement.
“Over the last year, I have met with countless CFOs and two key observations stick in my mind," said Gopalan in a press note shared with YourStory.
"They have major concerns about the accuracy of the data informing their cash flow positions and twinned with this they are anticipating their company numbers will come under increased scrutiny in 2023 from their boards and investors owing to current market conditions. Growfin is solving these headaches for CFOs,” he added.
(Disclaimer: The copy has been updated to correct a couple of factual errors.)
Edited by Megha Reddy