An announcement over the weekend said HighRadius raised the growth equity from Susquehanna Growth Equity, noting the money will be used to fuel growth and expand globally.
“We have been executing on our vision of enabling receivables functions to achieve ubiquitous electronic payment adoption and process automation — massively reducing paper-based processes and manual work,” said HighRadius Founder and CEO Sashi Narahari in a statement. “We have more than 350 clients on our integrated receivables platform powered by our Rivana Artificial Intelligence engine and the RadiusOne B2B payment network.”
“This funding will help us accelerate our platform to thousands of companies globally,” Narahari continued. “Susquehanna Growth Equity has a proven track record of backing leading financial technology companies and is a perfect partner for our next stage of growth.”
In another statement, Susquehanna Growth Equity Managing Director and Founder Amir Goldman said the integrated accounts receivables market is worth $11 billion but is still in its early stages of adoption.
“HighRadius is the clear leader in receivables-focused SaaS solutions for large enterprises and the only cloud-based platform that covers the full range of functions and processes,” Goldman continued. “We love backing bootstrapped companies like HighRadius, which has never raised outside funding, has grown at a 70 percent CAGR and continues to be cash flow positive.”
Goldman is also joining the HighRadius board of directors, the company said.
In May, HighRadius announced Johnny Vincent would join the company as chief financial officer.
“The widespread adoption of machine learning-based automation is transforming the [accounts] receivables and payables landscape,” said Narahari in a statement at the time. “Johnny’s proven track record of driving growth at successful companies, combined with his software technology experience and financial leadership, will help us scale HighRadius to take advantage of the large and growing market opportunity for artificial intelligence-based innovation.”