CredFlow, a Delhi-based fintech startup has reportedly secured USD 2.1 billion during a seed funding round which was led by Stellaris Venture Partners, Flourish Ventures, and Omdiyar Network India.
As per official announcements, CredFlow plans to use the freshly raised capital for strengthening its tech capabilities, upgrading platform technology, and developing new products. The company is also looking to expand its product, tech, and marketing teams in the coming months.
The fintech company was established in 2020 by Kunal Aggarwal and offers a cashflow management SaaS platform allows Small and Medium Enterprises (SMEs) to manage their debtors. The company achieves this by providing a dashboard of pending payments of customers, sending timely bill payment reminders, negotiating discounts for early payment, and validating invoices.
Chief Executive Officer at CredFlow, Kunal Aggarwal was quoted saying that delayed payment collection is a major challenge for SMEs in India. Fintech innovations have been mainly focusing on solving problems for large or micro-enterprises and retailers, while SMEs in the B2B segments remain largely untouched.
The CEO added that CredFlow is thrilled to be backed by Omidyar Network India, Flourish Ventures, as well as Stellaris Venture Partners, and leverage technology to accomplish the mission of making Indian SMEs Aatmanirbhar in the real sense.
The startup has catered to over 5000 businesses to date and has processed and synced invoices worth USD 93 million (approx.)
CredFlow also revealed that it is looking to build a full-stack solution, involving aspects such as cash flow-based treasury management financing, and payments management, to enable optimization of cashflows while promoting organizational growth.
Partner at Stellaris Venture Partners, Ritesh Banglani reportedly said that CredFlow’s payment dashboard greatly influences the outlook of business owners and establishes itself as the daily MIS for business. This characteristic will help the cash flow management platform to become a primary financial operating system for SMEs in the long run.
CredFlow will also provide an overview of financial health and allow access to a diverse set of own and third-party financial products.
Source Credit –
https://yourstory.com/2021/04/fintech-startup-credflow-raises-21-million