As we embark on a new milestone, we are pleased to announce that Growfin has raised $7.5M in Series A funding. It was led by Singapore’s SWC Global with participation from existing investors 3one4 Capital and angels including CFOs and other industry leaders.
Growfin aims to solve one of the biggest challenges faced by B2B businesses today - cash collections. With recession impending across the globe, companies are working towards optimizing their cash flow in the most efficient way. However, their existing tech stack restricts them from achieving this. What businesses need today is a tool that goes beyond just automating invoice reminders.
Aravind and Raja, our co-founders set out to solve pain points that CFOs face with the current way they manage their receivables. For this, they spoke with 200+ finance professionals across the globe. One discovery they made was that 90% of businesses manage their receivables outside their ERP. As companies scaled this became more cumbersome. Managing AR in spreadsheets led to AR bottlenecks.
With a vision in mind to solve this, we launched our product in 2022. In only 12 months, we grew our customer base by 8x and helped businesses collect over $1.5B in AR. Our aim with the Series A funding is to enhance the predictive capabilities of our AI and establish Growfin as a comprehensive cash solution. As part of this effort, we have introduced the Cash Apps module, and the public beta is now available. Several prominent unicorns, such as Intercom, Darwinbox, and Locus, are already part of our platform. We have helped them improve their operational efficiency with a 50% increase in productivity and a 35% reduction in DSO through a collaborative AR.
This is a huge milestone and we are grateful for the incredible support system we have. We are also thankful to our customers for the constant trust they have in the value we deliver. A big thanks to our team that puts in efforts to bring the best to the table.
You can read more about our milestone on Techcrunch.