Affiniti is an expense-management software for SMEs primarily used by tech startups. The company offers enterprises like pharmacies, HVAC companies, and auto dealerships personalised expense-management credit cards and SaaS solutions similar to services offered by Brex and Ramp.
Affiniti stands out by offering v3 of fintech. Representatives of the company clarify that v1 is traditional banks and credit cards, v2 are companies which provide improved UX design and better access to the financial data generated by expenses, and v3 is a fintech product that can advise its users and offer analytics.
The Series A founding round was led by Signal Fire, with seed investors Indicator Ventures, LightShed Ventures, and RiverPark Ventures also participating. The funds will be used to support the startup in launching new capabilities, such as banking, bill pay, cash flow analytics, and integrations with software like enterprise resource planning and POS apps.
Currently, Affiniti offers customised cash-back rewards, native QuickBooks qbo files, alongside CSV files, and short-term loans for up to 90 days, against invoices. Partnering with specific industry trade groups helped the startup validate to potential customers, giving them access to features like group purchasing discounts.
The company currently earns money on transaction interchange fees, SaaS services, and interest income on short-term loans. All of this worked enough for Affiniti to go from zero to 1,800 customers and about USD 20 million a month in transaction volume in its first 14 months. The founders project that their company will be making USD 1 billion worth of transactions by the end of 2025. Affiniti had also previously signed a USD 15 million debt facility, capable of growing to USD 50 million, with its earlier seed round.
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