Growfin, a software-as-a-service (SaaS) startup based in Wilmington, has raised $7.5 million in a Series A funding round led by venture capital firm SWC Global, based in Singapore. The funding round also saw participation from existing investors 3one4 Capital, angels, chief financial officers, and other industry leaders.
The company plans to use the funding to invest in its technology stack, expand its product offerings, and improve its predictive artificial intelligence (AI) capabilities. It aims to evolve into an “all-in-one integrated cash solution“.
Growfin’s business-to-business payments collection and automation platform is designed to address the challenges faced by revenue and finance teams. It provides visibility into account receivables, making cash flows more predictable. The company has seen 8X growth in its customer base over the last 12 months, and has collected $1 billion in account receivables. Notable customers include Locus, Airmeet, Intercom, and Mindtickle.
The startup was founded by ex-Freshworks alumni Aravind Gopalan and Raja Jayaraman, whose previous startup Frilp was acquired by Freshworks in 2015. Growfin was launched publicly a year ago with $1.4 million in seed funding from 3one4 Capital and angel investors.
According to Gopalan, many CFOs have concerns about the accuracy of their cash flow data and anticipate increased scrutiny from their boards and investors in 2023 due to current market conditions. Growfin aims to solve these issues for CFOs.
Growfin is a fintech software-as-a-service (SaaS) startup that offers a business-to-business payments collection and automation platform. It aims to solve the challenges faced by revenue and finance teams, by providing visibility into account receivables, making cash flows more predictable. The company is based in Wilmington and was founded by ex-Freshworks alumni Aravind Gopalan and Raja Jayaraman. Growfin has raised $7.5 million in a Series A funding round led by SWC Global and plans to invest in its tech stack, expand its product offerings, and improve its predictive artificial intelligence (AI) capabilities.
