SWC Global has led the Series A funding round for Growfin, a SaaS startup, which raised $7.5 million
- ByStartupStory | March 7, 2023
SWC Global, a venture capital firm based in Singapore, has led the Series A funding round for Growfin, a fintech platform that raised $7.5 million. The funding round also saw involvement from existing investors such as 3one4 Capital, chief financial officers, industry leaders, and angels.
According to the company’s statement, the funds raised will be utilised to enhance its tech infrastructure, widen its range of products, and advance towards becoming a comprehensive integrated cash solution. Additionally, the company aims to strengthen its product’s predictive artificial intelligence (AI) features.
A year ago, the SaaS startup incorporated in Wilmington had secured $1.4 million in seed funding from a group of angel investors and early-stage VC firm 3one4 Capital.
Growfin is a B2B payments automation platform designed to address the difficulties faced by finance and revenue teams. The platform enables businesses to anticipate cash flows by offering visibility into account receivables – which is the amount owed to a business by its customers for the products or services provided.
Growfin, with its team predominantly located in Chennai, has experienced a remarkable 8-fold increase in its customer base over the last year. The company states that it has collected $1 billion in account receivables. Some prominent clients of Growfin’s B2B payments automation platform are last-mile logistics tech firm Locus, virtual and hybrid event platform Airmeet, customer communication platform Intercom, and sales readiness platform Mindtickle.
Growfin was established by Aravind Gopalan and Raja Jayaraman, both of whom were previously employed at Freshworks, a SaaS company. In 2015, Freshworks acquired their startup Frilp, a social recommendation tool. The two co-founders launched Growfin along with the announcement of its seed funding a year ago.
Gopalan, in a press release, stated that he had interacted with numerous CFOs over the past year and two specific observations stood out in his memory.
As per his statement, “CFOs are significantly worried about the precision of their cash flow position data, and they expect their company’s financial figures to be closely monitored by their boards and investors in 2023 due to the prevailing market conditions”. He further explained that Growfin’s platform effectively addresses these concerns for CFOs.
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