Gaviti, a FinTech that helps firm recoup outstanding receivablesÂ through its automated platform, has closed a Series A round on $9m.
The round was led by Flashpoint and saw participation from Moneta VC, North First Ventures, LETA Capital and TAU Ventures.
Gaviti is an automation system designed to help firms collect and manage client invoices. The companyâ€™s platform helps businesses utilise a user-focused application to manage their collections process and open a vital cash flow artery that is otherwise blocked by many hands-on steps.
Receivables can be vital for any company, with the process for B2Bâ€™s to collect outstanding receivables demands a tedious process and company resources. Many accounts receivable departments lack a decent software solution that focuses on their needs. Gaviti offers these capabilities to collections professionals with follow-up and workflow tools.
Gaviti â€“ founded by Yan Lazarev and Alex Komarovsky â€“ was developed to be the only firm to integrate with existing ERPs using a single universal language harmoniously. This allows for a quick onboarding process for new adopters and will enable teams to quickly begin seeing a return on their investment shortly after implementing this new software.
Komarovsky said, â€œOur main goal continues to be synchronizing with organizations to streamline this once time-consuming process,â€ said Komarovsky. This series of funding will allow us to continue expanding and creating new features that will improve this new streamlined collections process.â€
Through automating the AR collects with a first-of-its-kind purpose-built solution, departments will be able to accelerate the collections process, lowering stress on accounting while boosting cash flow.
Lazarev commented, â€œThis is a problem all companies face, yet none of them have cracked how to address it without applying pressure on teams and customers. Our clients lowered the number of overdue receivables by 35%, due to the automation of otherwise inefficient manual processes.â€
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