Growfin, a SaaS finance business, has secured US $7.5 million in a series A investment that was managed by SWC Global of Singapore.
The startup, which has offices in San Francisco and Singapore, wants to offer real-time insight and predictability in cash flow to contemporary CFOs. Growfin claims to have helped businesses recover US $1 billion in account receivables and has witnessed an 8x surge in client numbers over the past year (AR).
Aravind Gopalan and Raja Jayaram, who had struggled with cash flow issues in their prior ventures, created Growfin in 2021.
After holding focus groups with more than 200 financial professionals globally to develop the solution, the firm debuted in March 2022. Growfin intends to broaden the scope of its product offering in 2023, moving from a finance CRM to an all-in-one integrated cash solution for B2B businesses.
Gopalan, who also acts as Growfin’s CEO, claims that 90% of finance teams still conduct their AR procedures without the help of programmes like Salesforce and Netsuite.
According to Growfin, many CEOs and CFOs of tech businesses feel unprepared for the current economic slowdown, citing a recent Gartner research. In order to construct their CFO tech stack, 78% have made investments in automation and cash flow visibility.
“They have major concerns about the accuracy of the data informing their cash flow positions,” said Gopalan. Companies are also anticipating how their numbers “will come under increased scrutiny in 2023 from their boards and investors owing to current market conditions.”
With its services, “Growfin is solving these headaches for CFOs,” he adds.
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