The venture capital firm SWC Global, based in Singapore, has provided the money for the fintech platform Growfin.
Growfin, a fintech business with offices in Singapore and San Francisco that offers SaaS to help finance departments track and collect payments and manage the accounts receivable process, has raised a $7.5 million Series A round of funding.
“Managing receivables and collecting payments are often complex and compound even more as companies grow. Despite the growth of ERPs and CRMs such as Salesforce and Netsuite, I’ve understood that 90% of finance teams still manage their AR (account receivables) processes outside these tools, typically on spreadsheets or in-house databases, this collaboration-first approach will offer better efficiencies and greater transparency and build trusted relationships between customers and businesses towards collecting B2B payments faster.”
said Aravind Gopalan, Co-Founder GrowFin
The business intends to use this money to increase its operations in the United States and Asia and to intensify the development of additional AI-based platform-expanding technology. A forecasting tool that makes predictions about trends based on prior payment behavior and current receivables data through Growfin will be created next.
Singapore’s SWC Global led the funding round with participation from existing backers 3one4 Capital and angel investors.
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