India-based fintech Finly, which automates accounts payable for SMEs, has raised a fresh funding round from Social Capital, AngelList India.
Among the funding companies also count Gemba Capital, Omphalos Ventures, and 91springboard via Atal Innovation Mission and Niti Aayog. The startup said it will be using the funds to expand product offerings with a focus on enhancing the intelligence layer and to handle the next phase of growth.
Finly is a SaaS product that automates accounts payable by streamlining the flow of data between the banking and accounting system. With an integrated suite of 12 modules, it helps CFOs set up their governance framework, which helps in reducing costs and risks while boosting control and compliance. The startup incorporates all workflows as per business needs to manage vendors, employee reimbursements, and related payment agreements while keeping the accounting system updated in real-time.
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