Growfin Launches AI-Powered Cash Collection Across US and Asia

According to the startup’s CEO, cash management on its platform has already made or broken businesses. Now, with funding in hand, the company plans to continue helping finance departments manage their money more efficiently by automating invoicing and payment systems. With this expansion, the company hopes to bring its solution to larger companies as well as help smaller businesses save money on administrating their finances.

Growfin, with its growing AI-powered platform, is quickly becoming a leading player in the payment processing industry. With its new Series A funding, the company plans to use the funds to continue expanding in the U.S. and Asia, as well as to develop new forecasting tools that can help managers predict trends and make better financial decisions. As the world becomes increasingly digitalized and reliant on technology for both personal and business transactions, companies such as Growfin are poised to grow at an alarming rate

Growfin is a Singapore-based startup that helps clients collect more than $1 billion in account receivables. The latest funding comes on the back of 8x growth in customer numbers over the last 12 months, during which SWC Global led the funding round with participation from existing backers 3one4 Capital and angel investors. Growfin has now raised $9 million in total and its valuation is undisclosed.

Growfin is tapping into a lucrative market with tablet sales on the rise. In addition, the current economic climate is placing increased pressure on businesses of all sizes, which only benefits Growfin. With its well- designed and affordable tablets, it has quickly become a major player in this industry.

It is clear that there is a need for improved cash flow visibility technology in order to help CFOs plan for the future. However, many companies still rely on spreadsheets to provide this information, which leaves a gap between having comprehensive knowledge of a company’s current finances and knowing how it will shape up in the near future. This raises questions about whether or not these tools are actually effective in helping executives make sound strategic decisions.

Growfin is an AI-powered finance CRM that provides a centralized place for sales, customer success and finance teams to connect in order to better handle customer relationships. This product bridges the gap between accounts receivable departments and those who manage the majority of the customer relationship prior to payment and cash collections. By providing a smoother experience for customers, Growfin could lead to increased sales in the future.

The finance CRM has been so successful that the company decided to make it a product in its own right and spin it off into its own publicly traded company. The finance CRM has revolutionized how receivables are managed, providing real-time visibility to sales, customer success and customers themselves in one place. This has enabled the company to optimize its receivables processes and save money on overall operating costs.

Growfin has taken finance visibility to a new level by providing a holistic view of an organization’s finances. These insights save companies time and money, allowing them to make more informed decisions about their investments and grow their businesses faster. Growfin’s primary users include tech companies in SaaS, adtech, logistics tech, and edtech. The startup says it is now at $400,000 in annual recurring revenue since its launch 12 months ago.

Image Credits: Growfin founders (L to R) Aravind Gopalan and Raja Jayaraman

There are two common ways of growing plants – in soil or in a hydroponic system. Hydroponics systems use water and nutrients to promote plant growth while reducing or eliminating the need for soil. Soil-grown plants typically have a larger root system than those grown in hydroponics, as the

Gopalan says that the Intercom team was impressed with how easy it was to integrate Growfin with their other software. “Basically, all we had to do was set up our account in Growfin and link it to our NetSuite and Zuora accounts,” he said. “From then on, everything was automatically tracked and managed.” This helped the finance team reduce their collection cycle from 91 days to 59 days in a span of 5 months, improving collection efficiency by 35%.

Locus claims that by using Growfin, they have been able to speed up the process of resolving invoice disputes and collecting payments. This has allegedly led to a 60% productivity increase within their teams in just ten months. Clarity in financial transactions is key for any company, and Locus’ use of Growfin could help them take another step towards achieving this goal.

The founders say that the product was initially developed with the help of more than 200 finance leaders around the world, who relayed to them how legacy systems failed to satisfy their needs and actively discouraged further investment in staff. In response, Gopalan and Raja Jayaram took inspiration from ESTO—an early artificial intelligence engine which could understand natural language—and built a system that would automate most of the tasks typically carried out by finance teams.

One of the main challenges for businesses is managing receivables and collecting payments. This can be particularly complex and compound as companies grow. A collaboration-first approach to AR management would offer better efficiencies and greater transparency, benefiting both customers and businesses. This would build trusted relationships between customers and businesses towards collecting B2B payments more quickly¿

In addition to its U.S. clients, the company plans to double its headcount this year in Asia, as demand for its services is growing rapidly in that region. With more employees available to support these growth areas, the company is confident that it can continue expanding its reach and aiding businesses in their most important missions – helping them grow and succeed.

Gopalan said that one of the main advantages of Growfin is the company’s deep understanding of the needs and wants of small businesses. This allows Growfin to offer a wide range of services, including accounting, marketing management, shipping and more. In addition to its competitors, Gopalan said that Growfin has strong industry partnerships, which gives it an edge over other providers when it comes to providing comprehensive solutions.

Growfin’s artificial intelligence-powered system is poised to disrupt the industry and make invoice payment collection easier for businesses. Growfin’s technology sits on top of ERP systems like Netsuite and Microsoft dynamics, allowing finance teams to get a deeper and wider understanding of their financial well-being with real-time cash flow efficiency and forecasting.

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Zara Khan

Zara Khan is a seasoned investigative journalist with a focus on social justice issues. She has won numerous awards for her groundbreaking reporting and has a reputation for fearlessly exposing wrongdoing.

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