Growfin, a SaaS FinTech startup, has scored $7.5m in a Series A funding round headed by Singapore’s SWC Global.
Also participating in the round were 3one4 Capital and angels including CFOs and other industry leaders.
Founded in 2021, Growfin helps finance, sales and customer success teams connect in one place to handle customer relationships during the payment process and improve efficiency in collecting payments.
It seamlessly integrates with any ERP (which connects invoices with payments) and CRM systems (which connect leads to sales) to drive faster payment collections from customers, improving the cash flow and the financial health of businesses.
Growfin said it will make significant investments in its tech stack and product range this year, expanding its offering from a Finance CRM to an all-in-one integrated cash solution that will enable B2B enteprises to streamline and manage cash flow to enhance its product’s predictive AI capabilities.
Growfin CEO and co-founder Aravind Gopalan said, “Getting paid and getting paid on time have been challenges as long as commerce has existed for businesses of all sizes. Managing receivables and collecting payments are often complex and compound even more as companies grow.
“Despite the growth of ERPs and CRMs such as Salesforce and Netsuite, I’ve understood that 90% of finance teams still manage their AR processes outside these tools, typically on spreadsheets or in-house databases. We are building a tool that is purpose-built for managing AR by integrating with the ERPs and CRMs, replacing all these spreadsheets and botched systems.”
Gopalan added that Growfin enables anyone concerned with invoice payment – including the customer – to collaborate in one place where they all see the same information and help solve payment issues faster.
“This collaboration-first approach will offer better efficiencies and greater transparency and build trusted relationships between customers and businesses towards collecting B2B payments faster.
“Over the last year, I have met with countless CFOs and two key observations stick in my mind. They have major concerns about the accuracy of the data informing their cash flow positions and twinned with this, they are anticipating their company numbers will come under increased scrutiny in 2023 from their boards and investors owing to current market conditions. Growfin is solving these headaches for CFOs.”
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