Next-generation accounting automation developer Gappify has secured $10m in its Series B funding round. The investment brings Gappify’s total funding to $22m.
FINTOP Capital, a venture capital firm aimed at the FinTech sector, served as the lead investor. Other commitments came from Rally Ventures, Stage 2 Capital, SaaS Ventures and Pasudeco & Co.
Gappify is a cloud-based platform that helps automate mission-critical accounting and financial reporting activities. Its flagship solution Accrual Cloud enables midmarket and enterprise accounting teams to orchestrate, execute and analyse month-end accrual processes.
Gappify CEO and founder Jotham Ty said, “Accountants are frustrated with the lack of automation offerings available to help them perform their core duties effectively. Our business is strongly positioned to fill more of these voids and better serve the community we care very deeply about.”
As part of the funding round, FINTOP general partner Jared Winegrad will join Gappify’s board of directors.
Winegrad said, “The accounting industry is undergoing tectonic shifts, and Gappify is mapping the way. We’re excited to lead this round and support Gappify’s innovative vision to transform and evolve the profession.”
Gappify is not the only FinTech company to raise capital this week that is supporting accounting teams. HubSync, a SaaS software company for tax and accounting automation, closed its Series A funding round to help it bolster its product development efforts.
The company offers an all-in-one client platform to automate tax returns and other key processes.
FINTOP Capital is a regular FinTech investor. It recently joined the funding round of Infinant, a cloud-based platform that helps companies launch and scale banking-as-a-service and embedded programs. The company allows banks to orchestrate their own banking ecosystem.
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