Bengaluru-based technology company Finly, which automates accounts payable for mid and large sized businesses, has raised a fresh round of undisclosed funding from Social Capital, AngelList India, Gemba Capital, Omphalos Ventures, and 91springboard via Atal Innovation Mission and Niti Aayog.
The startup said it will be using the funds to expand product offerings with a focus on enhancing the intelligence layer and to handle the next phase of growth.
Founded by serial entrepreneurs Vivek AG and Veekshith C Rai, Finly.io is their second venture – the first one being MindFree Labs, where they built MintCoins, a network for developers to crowdsource testing of mobile applications.
With both the founders having a technology background, the startup’s focus is on achieving the maximum degree of automation externally and internally to achieve the highest efficiency.
Awarded as India’s top 50 software products by NASSCOM, Finly is a SaaS product that automates Accounts Payable by streamlining the flow of data between the banking and accounting system. With an integrated suite of 12 modules, it helps CFOs set up their governance framework, which helps in reducing costs and risks while boosting control and compliance.
The startup incorporates all workflows as per business needs to manage vendors, employee reimbursements, and related payment agreements while keeping the accounting system updated in real-time.
At present, Finly has over 100 businesses in its fold, with marquee customers like Quikr, Upgrad, Meesho, ShareChat, and Olx.
Adith Podhar, Managing Partner at Gemba Capital, said: “We believe the team has built a fantastic SaaS product for the global market. With Finly, a CFO can time his payments to better managecash and capture early-payment discounts, reduce invoice processing time and costs, and engage your accounts payable department in more strategic, higher-value activities”
“Our goal is to help CFOs and their key executives have more time to focus on their organization’s strategic priorities. We believe that technology will help finance professionals to spend less time and effort in day to day operations and focus on more critical tasks of analyzing and tracking key metrics relevant to the company’s growth,” said Veekshith Rai, co-founder and COO, Finly.
(Edited by Megha Reddy)