Growfin, an AI-powered fintech startup, has successfully raised roughly $7.5 million in a Series A funding round.
The fintech firm intends to use the secured funds to expand its service offering in the United States and Asia.
Growfin Raises $7.5 Million For Expansion
In a March 7 site publication, Growfin confirmed the news and plans to use the raised fund to expand its service delivery to the Asian and American regions.
Founded in November 2020, Growfin is an AI firm that builds SaaS software applications. It helps many finance departments to track and collect payments and to help manage the accounts receivable process.
Under the recent funding round, Growfin has raised $7.5 million. The funding initiative saw the participation of SWC, a Singaporean fintech firm, 3one4 capital venture, and angel investors.
Growfin has now raised $9 million in addition to the initial seed funding round.
It’s worth noting that most fintech firms have invested in automation and cash flow visibility techs.
Even though many are increasingly willing to pay for tools to help them plan for the future, many rely on traditional spreadsheets.
Growfin To Expand Its CRM In US And Asia
The fintech startup, Growfin, has gone further and introduced an AI-powered consumer relationship management (CRM) tool that allows finance, sales, and customer to connect in one place to strengthen customer relationships during the payment and cash collecting process.
Growfin’s AI-powered CRM not only automates finance accounts and receivable workflow but also provides the right partnership capabilities and real-time visibility to sales, customer success, and customers in one place.
Its primary users include more than 25 tech firms in SaaS, including ad tech, logistics, Intercom, Fourkites, Mindtickle, LeadSquared, and Quick Dry Restoration.
The startup says it is now at $400,000 in annual recurring revenue since its launch 12 months ago. While commenting about the recorded progress, Aravind Gopalan, the co-founder and CEO of Growfin, remarked:
“We helped them reduce their cash collection cycle from 91 days to 59 days in 5 months, improving collection efficiency by 35%.”
According to Gopalan, Locus, a logistics tech startup that uses Growfin to resolve invoice disputes to collect payments faster, claims it’s improved the productivity of their teams by 60% in ten months.
Growfin plans to use its secured funds to extend its service offering in the United States and Asia.
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