Growfins AIbased cash collection SaaS expands further to US and Asia
- The resounding message was that finance teams were unsatisfied with legacy systems that were based around spreadsheets and the expensive prospect of simply hiring more people as a solution to the time-consuming workload.“Managing receivables and collecting payments are often complex and compound even more as companies grow.
- It sells primarily to clients who are finance teams, although as you might guess, revenue-generating teams like sales and customer success are also users of its service.
- 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 Gopalan.
- The startup touts that the latest funding comes on the back of 8x growth in customer numbers over the last 12 months, during which Growfin has helped clients collect more than $1 billion in account receivables (AR).
- Next up: a forecasting tool that predicts trends “based on past payment behavior and current receivables data through Growfin.”Singapore’s SWC Global led the funding round with participation from existing backers 3one4 Capital and angel investors.
- 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, co-founder and CEO of Growfin, Aravind Gopalan, told TechCrunch.
Cash management tracking who needs to pay an invoice and whether its been done can make or break a business. Now, a startup building SaaS software to help finance departments manage this more in [+5471 chars]