Firmbase Raises $12 Million for Financial Planning and Analysis Platform

Firmbase has emerged from stealth and announced it has raised $12 million for its financial planning and analysis (FP&A) platform.

The Tel Aviv-based firm’s platform can be implemented in days and provides advanced budgeting and financial analysis using accurate live data, scenario modeling and robust analysis, Firmbase said in a Monday (May 22) press release.

“The last couple of years emphasize how crucial it is for companies to have strong FP&A capabilities,” Firmbase Co-Founder and CEO Tomer Federman said in the release. “Modern finance teams are looking to adopt agile planning and continuous forecasting methodologies. We founded Firmbase to make FP&A attainable, collaborative and data-driven, so companies can be better prepared for future scenarios and make quick decisions with confidence.”

Firmbase’s software-as-a-service (SaaS) platform enables collaboration across all parts of a business, allows companies to automatically track their plans against performance, provides real-time visibility and allows them to quickly build dynamic budgets and run scenario planning, according to the press release.

The software integrates with a company’s financial and operational systems to extract data and uses generative artificial intelligence (AI) to increase engagement of budget owners, the release said.

Firmbase’s FP&A solution enables the kind of planning that can help companies weather challenging financial environments, Aya Peterburg, managing partner at S Capital, the venture capital (VC) firm that led Firmbase’s funding round, said in the release.

“Working with startups from their earliest days through to IPO, I’ve seen the struggles they face to obtain and use accurate, real-time financial information for forecasts, planning and even reporting,” Peterburg said. “By bringing FP&A to the masses, Firmbase gives companies a crystal ball, so they can better predict the future.”

Chief financial officers (CFOs) of small and medium-sized businesses (SMBs) continue to wade through troves of siloed data, which makes FP&A a tedious endeavor, DataRails Co-Founder and CEO Didi Gurfinkel told PYMNTS in an interview posted in June 2021.

“One of the last departments in the organization that still hasn’t performed this transformation is the CFO’s office,” Gurfinkel said at the time. “If you take a typical board meeting or management meeting, the VP of sales will present a beautiful dashboard with all of the marketing analytics. The CFO will open the Excel spreadsheet.”