Statement, a groundbreaking enterprise cash flow management platform, recently secured $12m as part of its seed funding initiative.
The recent funding round saw significant contributions from Glilot Capital Partners, according to a report from TechCrunch. Notable participants in the tranche included Citi, Mensch Capital Partners, Titan Capital, and Operator Partners.
Idan Vlodinger, co-founder and CEO of Statement, told TechCrunch that these funds would primarily be channelled towards bolstering Statement’s market presence and expediting their product development process.
Delving deeper into the platform’s features, Statement is branded as a “cash intelligence” solution. It’s especially beneficial for corporations liaising with several banks, focussed on liquidity management, and looking to predict their cash flow trajectory.
The platform integrates with a multitude of banks and assimilates with pre-existing systems. This range includes business tools like Google Sheets, enterprise resource management platforms such as Oracle Cloud and NetSuite, and even payment providers including PayPal and Stripe. This integration enables real-time financial data reconciliation, providing enterprises with a transparent view of their cash performance, as elucidated by Vlodinger.
Another of Statement’s impressive features is its ability to automatically categorise financial transactions for reports. Furthermore, it can predict short- and long-term cash flows, drawing from historical data to enhance the accuracy of its forecasts.
Vlodinger emphasised the platform’s efficiency, saying, “Statement saves the office of the CFO hundreds of hours per month on manual data collection and enrichment, and hundreds of thousands to millions of dollars by being able to manage their money faster and better. CFOs deserve to work with great software, with a fantastic user interface, that has real-time data, and have the systems ‘speak’ to each other with true data reconciliation, so they can focus on growing their businesses.”
As part of its future growth strategy, Statement aims to bolster its workforce, planning to expand its current team of 31, spread across New York and Tel Aviv, to 35 by the conclusion of the upcoming year.
Glilot Capital Partners shared their insight on the importance of such platforms, stating, “The pandemic, supply chain risk, volatile markets, rising interest rates and high inflation have caused global enterprises’ management to be laser-focused on their finances and cash. The technology stack for the office of the CFO has emerged as a key component in this landscape. As a result, it now represents one of the most exciting opportunities and areas for development and innovation.”
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