Fintech startup HighRadius has raised $50 million in a fresh round of funding for its global expansion. The latest round of funding comes from Susquehanna Growth Equity, a private equity and venture capital arm of Susquehanna International Group, LLP. As the part of the investment, Amir Goldman and Ben Weinberg from Susquehanna Growth Equity will join the HighRadius board of directors, the company said in a statement.
Founded in 2006, HighRadius is a fintech enterprise Software-as-a-Service (SaaS) company led by Sashi Narahari, an IIT alumnus and enterprise technology veteran. It is a fintech company, focused on executing its Receivables 2020 vision. This implies enabling receivables functions to achieve 80% electronic payment adoption and 80% process automation, reducing paper-based processes and manual work to just 20% each.
The company currently employs over 500 people across the US, India, and Europe and works with Global 2000 companies, including adidas, Starbucks, Procter & Gamble, Reckitt Benckiser, Johnson & Johnson, Warner Bros, Danone, Sysco and Zurich.
“We have more than 350 clients on our Integrated Receivables platform powered by our Rivana Artificial Intelligence engine… This funding will help us accelerate our platform to thousands of companies globally” said HighRadius Founder and CEO Sashi Narahari.
The HighRadius Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing. Notably, Integrated Receivables is a new treasury management solution to consolidate all incoming receivables including electronic and paper-based transactions.
Powered by the Rivana Artificial Intelligence Engine and Freda Virtual Assistant for Credit-to-Cash, HighRadius Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes.
Amir Goldman, Founder and Managing Director, Susquehanna Growth Equity, said, “Integrated Receivables is an $11-billion market in the early stages of adoption. 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.”
The newly raised funding will be utilised by the company to fuel its growth. The funding will further be utilised towards global expansion, including, Americas, Europe and Asia.