Treasury management business HighRadius raised $300m in a Series C funding round, valuing it at $3.1bn.
The round tripled the Houston-based firm’s valuation of more than $1bn, which it had achieved after its $125m Series B in January of 2020. With this latest financing, HighRadius’ total funds raised comes to $475m.
The investment was co-led by Tiger Global Management and D1 Capital, with participation from ICONIQ Growth and Susquehanna Growth Equity. The chief executives of Snowflake Inc., Procore Technologies Inc. and Airtable also took part.
HighRadius said it will use the new capital to fuel product innovation and expand global go-to-market reach.
Founded in 2006, its HighRadius Integrated Receivables platform optimises cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing.
Its AI-powered treasury solution offers functions such as predicting invoice payment dates. Its clients are in sectors such as technology, insurance and manufacturing and include Uber Technologies Inc., Johnson & Johnson and Unilever Plc.
At the beginning of 2020, HighRadius had more than 400 customers, including over 200 of the Forbes Global 2000 in the likes of Walmart, Nike and Procter & Gamble. Currently, HighRadius’ platform is being used by over 600 clients. To add on, it claimed to process more than $1tn in transactions annually.
Commenting on the funding round, HighRadius founder and CEO Sashi Narahari said, “We are excited to have D1 Capital Partners and Tiger Global join our existing investors, Susquehanna Growth Equity and ICONIQ Growth. Our goal has always been to build a long-lasting business that outlasts all of us.
“I look forward to working with such high-quality long-term investors who share a common vision of transforming the Office of the CFO using a combination of Artificial Intelligence built on top of connected finance workspaces and embedded analytics.”
Narahari added that it’s possible HighRadius could go public next year through a traditional initial public offering rather than a reverse merger with a special purpose acquisition company.
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