Chennai and San Francisco-based accounts receivable (AR) automation startup Growfin raised $7.5 million in Series A led by SWC Global, with participation from existing investors 3one4 Capital and angel investors.
Growfin will use the incoming funding to make investments in its tech stack and product range. It said it would expand its offering from a finance CRM to an all-in-one integrated cash solution, allowing B2B enterprises to streamline and manage cash flow. “This evolution will help businesses optimize their working capital and drive growth,” Growfin added.
Founded in 2021 by Aravind Gopalan and Raja Jayaram, Growfin provides real-time visibility and predictability in cash flow. Its AR solution allows companies to automate their accounts receivable process and predict their revenue based on it. Growfin counts Leadsquared, Mindtickle, Hubilo and Darwinbox, among others, as its customers.
Growfin’s automation, collaboration tools and collection tracking capabilities help finance, sales and customer success teams connect in one place to handle customer relationships during the payment process and improve efficiency in collecting payments.
Aravind Gopalan, cofounder and CEO at Growfin, said, “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.”
Gopalan added that the major concerns of CFOs were the accuracy of the data informing their cash flow positions and the increased scrutiny from their boards and investors due to the current market conditions. By automating the processes, Growfin was solving these problems, Gopalan added.
Tuck Lye Koh, the founding partner at SWC Global, added, “Globally they have over 100,000 customers and now finance teams beholden to these systems will be able to plug in Growfin to get a deeper and wider eye into their financial well-being with real-time cash-flow efficiency and forecasting.”
