Growfin Raises $7.5 Million In Series A Round Led By SWC Global
Growfin, an accounts receivable automation platform, has raised $7.5 million in Series A funding led by Singapore-based venture capital firm SWC Global.
Existing investors 3one4 Capital, angels, chief financial officers, and other industry leaders also participated in the funding round.
As per the startup, the raised funds will be used to grow its tech stack and expand its product offerings this year. The startup also plans to evolve into an “all-in-one integrated cash solution” and improve its product’s predictive artificial intelligence (AI) capabilities.
Growfin.ai | Account Receivables Automation Software
Founded by ex-Freshworks alumni Aravind Gopalan and Raja Jayaraman, Growfin is an accounts receivable automation platform 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.
With its team mainly based in Chennai, the SaaS startup claims to have seen 8X growth in the number of customers in the last 12 months and has collected $1 billion in account receivables.
Speaking about the development, Aravind Gopalan, Co-founder and CEO at Growfin, said,
“Over the last year, I have met with countless CFOs, and two key observations stick in my mind. 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.”
Some of Growfin’s notable customers include last-mile logistics tech company Locus, Airmeet (a virtual and hybrid event platform), customer communications platform Intercom, and sales readiness platform Mindtickle.
A year earlier, Growfin raised $1.4 million in seed funding from early-stage VC firm 3one4 Capital and a group of angel investors.
Commenting on the development, Tuck Lye Koh, Founding Partner at SWC Global, said,
“Growfin’s AI-powered system is poised to disrupt how businesses collect their invoice payments by sitting on top of ERP systems like Netsuite and Microsoft dynamics that dominate the industry. Globally they have over 100,000 customers, and now finance teams beholden to these systems will be able to plug in Growfin to get a deeper and wider eye into their financial well-being with real-time cash-flow efficiency and forecasting. Aravind and Raja are young yet very experienced, and we’re excited to be a part of their journey.”
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