Singapore VC SWC Global leads US$7.5M Series A round of finance CRM startup Growfin

Singapore-based VC firm SWC Global has led the US$7.5 million Series A funding round of India- and US-based finance CRM solutions startup Growfin.

Existing investors 3one4 Capital and angels, including CFOs and other industry leaders, also joined.

Growfin will invest the money in its tech stack and product range in 2023. It will also expand its offering from a finance CRM to an all-in-one integrated cash solution. This will enable B2B enterprises to streamline and manage cash flow to enhance their product’s predictive AI capabilities.

Modern CFOs struggle to get to grips with visibility and predictability in their cash collection cycle from customers, many of whom still rely on spreadsheets to solve this problem. Growfin’s SaaS fintech platform solves these challenges for finance and revenue teams.

With its automation, collaboration tools, and real-time collection tracking capabilities, it helps finance, sales, and customer success teams connect in one place to handle customer relationships during the payment process and improve efficiency in collecting payments

Since its public launch last year, Growfin claims to have grown its customer base 8x and processed over US$1 billion in accounts receivables.

Notable customers include Intercom, Fourkites, Mindtickle, Darwinbox, and Quick Dry Restoration.

Aravind Gopalan, Co-founder and CEO at Growfin, said, “Despite the growth of ERPs and CRMs such as Salesforce and Netsuite, I’ve understood that 90 per cent of finance teams still manage their AR processes outside these tools, typically on spreadsheets or in-house databases. We are building a purpose-built tool for managing AR by integrating with the ERPs and CRMs, replacing all these spreadsheets and botched systems.”

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