ScaleFactor, a smart finance and automated accounting platform, has netted $60m in its Series C round led by Coatue.
Previous backers of ScaleFactor recommitted capital to the company, including Bessemer Venture Partners, Canaan, Broadhaven Ventures, and Firebrand Ventures. Several first-time investors also joined the series including Vulcan, Stripes Group, and NextPlay Capital, and prominent angels.
The round comes just months after the FinTech closed its Series B on $30m and brings its total equity raised to $100m in just the past year. A $10m Series A was raised by Scale Factor in 2018.
Funds from the round will be used to expand ScaleFactor’s business OS capabilities and provide new solutions to SMBs.
ScaleFactor’s online financial software helps SMEs by streamlining and automating their back-office tasks. The company aids bookkeeping, bill paying, invoicing, tax compliance, tax returns, payroll, cash vision, and accounting.
Collating all financial data into a single platform, SMBs can access a wholistic and transparent view of their finances in real-time to improve decision making across their operations.
Canaan partner Michael Gilroy said, “ScaleFactor is providing small businesses with an operating system that was previously only available to large enterprises.
“We are at an inflection point in time where SaaS is creating a level playing field for SMBs which previously had to resort to manual tasks via redundant hires. This is the future of FinTech and we are thrilled to be a part of the ScaleFactor family since the Series A.”
As part of the deal, Coatue will gain a seat on the ScaleFactor board of directors.
Coatue recently led the $568m Series D funding of UiPath, a round which put the FinTech’s valuation to $7bn.
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