Growfin banks $7.5m to boost cash flow transparency for CFOs

Founders Aravind Gopalan (left) and Raja Jayaraman / Photo credit: Growfin

SaaS fintech startup Growfin has raised US$7.5 million in a series A round led by Singapore’s SWC Global.

The company, which is based in Singapore and San Francisco, aims to provide modern CFOs with real-time visibility and predictability in cash flow. Growfin claims to have seen an 8x growth in customer numbers in the past year and has helped businesses collect US$1 billion in account receivables (AR).

Growfin was founded in 2021 by Aravind Gopalan and Raja Jayaram, who had been plagued by cash flow constraints in their previous startups.

The startup officially launched in March 2022 after conducting focus groups with over 200 finance professionals worldwide to build the product. In 2023, Growfin plans to expand its product range from a finance customer relationship management tool (CRM) to an all-in-one integrated cash solution for B2B enterprises.

Despite the widespread use of services such as Salesforce and Netsuite, Gopalan, 90% of finance teams still manage their AR processes without these tools, says Gopalan, who serves as Growfin’s CEO.

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Citing a recent Gartner report, Growfin said many CEOs and CFOs of tech companies feel unprepared for the current economic downturn. As a result, 78% have invested in automation and cash flow visibility to build their CFO tech stack.

“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.