India-based accounts payable automation company Finly has announced new funding as it plans to expand its B2B product offering, reports in YourStory said Monday (Dec. 23).
Although Finly did not disclose how much it raised, the company did note it plans to deploy the capital to focus on imbedding business intelligence within its suite of services, which includes B2B payments, eProcurement services and expense management capabilities.
Investors at Social Capital, AngelList India, Gemba Capital, Omphalos Ventures and 91springboard provided the funding, reports said.
“We believe the team has built a fantastic SaaS product for the global market,” said Adith Podhar, Gemba Capital managing partner. “With Finly, a CFO [chief financial officer] can time his payments to better manage cash and capture early payment discounts, reduce invoice processing time and costs, and engage your accounts payable department in more strategic, higher-value activities.”
Veekshith Rai, Finly chief operating officer and co-founder described Finly’s strategy to differentiate itself in India’s growing B2B FinTech market.
“Our goal is to help CFOs and their key executives have more time to focus on their organization’s strategic priorities,” he 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 analyzing and tracking key metrics relevant to the company’s growth.”
B2B FinTech is growing in popularity for India’s robust startup community, while the market is also an attractive target for more established players in the industry.
Last year, India-based B2B payments company PayMate announced a collaboration with Visa to enhance its corporate payment services in the country, with Visa choosing PayMate to provide a B2B payments platform for joint customers with a focus on small and medium-sized businesses.
India’s B2B FinTech community is also an enticing target for venture capitalists. B2B eCommerce firm Udaan recently raised an impressive $585 million, while investors at UGRO Capital and Clix Capital recently raised new funds with plans to focus investments on India’s B2B FinTech ecosystem.