Expense management startup Finly has funding from a pack of investors including Gemba Capital, Social Capital, Das42 Capital, 91Springboard and AngelList India. The funding amount has not been disclosed.
Finly will use the fresh capital to expand its product suite, with a focus on enhancing the intelligence layer and to handle the next phase of growth, the company said in a statement.
Founded in 2015 by Vivek AG and Veekshith C. Rai, Finly keeps all company business systems in sync and offers the most dynamic reporting in the market. Their goal is to provide finance teams with tools and data that enable them to have real time insights into their spends to make better strategic decisions and remove all expense management hurdles as the business scales.
“We believe the team has built a fantastic SaaS product for the global market. With Finly, a CFO can time his payments to better manage cash and capture early-payment discounts, reduce invoice processing time costs and engage your accounts payable department in more strategic, higher-value activities,” Adith Podhar, managing partner at Gemba Capital, said in the company-issued statement.
Gemba Capital is a Bengaluru-based early-stage investment firm.
“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 analysing and tracking key metrics relevant to the company’ growth,” Rai, chief operating officer at Finly, said.
Finly works with over 100 clients, including a number of leading Indian startups, a list that includes, Quikr, upGrad, Meesho, ShareChat and Naspers-owned OLX.
The global accounts payable software market is estimated to touch USD 14 billion by 2025. The Indian market has been slated to grow by 14% CAGR.