Finly, a business expense management startup, has closed an undisclosed amount in funding backed by Gemba Capital, Chamath Palihapitiya-led Social Capital and AngelList India, as reported by The Economic Times. The company will use the funds raised to expand its range of products, and in a statement said it will focus on enhancing their intelligence layer and handle their next phase of growth.
The company whose investor and partner is Ebix Cash which is a domestic remittance exchange in India, undertakes finance automation which assists finance teams within a company in making strategic decisions. This helps companies to focus on scaling businesses and reduces expense management costs.
“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.
Veekshith Rai, Chief Operating Officer, Finly said, “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,”
Finly was founded in 2015 by Vivek AG and Veekshith Rai from VV Finly Technology, which owns and operates Finly. The duo had earlier founded MindFree Labs, which is a platform for developers to post applications and have them reviewed and tested by users.
Das42 Capital and 91Springboard were the other investors who participated in the latest round of funding.