Zeni, a Palo Alto-based fintech providing real-time financial data insights to small and medium sized startups, announced raising a $34 million Series B led by Elevation Capital, according to a press release.
The company says it will use the funding to continue scaling the platform, build its bookkeeping and accounting features and accelerate hiring in the engineering, sales and finance teams. CEO Swapnil Shinde wants to double or triple the finance team in the next year, according to TechCrunch.
“There is a huge demand from startups to digitize and automate their business finances, leading Zeni to experience 550 percent revenue growth and 375 percent customer growth year-over-year,” Shinde stated in the release.
New investors Think Investments and Neeraj Arora joined existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures in fundraising participation. Founder and Managing Partner of Elevation Capital, Ravi Adusumalli, will join Zeni’s board as a result of the funding, according to FinExtra.
The round follows a $11.5 million Series A led by Saama Capital in March and a $2 million seed round led by Twin Ventures in 2019, bringing Zeni’s total funding raised to $47.5 million.
Zeni offers artificial intelligence-enabled bookkeeping and accounting software that offers real-time insights based on financial data. The platform lets SMB companies analyze their key financial metrics through Zeni Dashboard, track transactions across entire tech stacks with Universal Search, see customer and vendor ecosystem behavior through ‘Spend and Income Trends’, and analyze cash flow with the ‘Cash In and Cash Out’ feature.
“Zeni is tackling the root of startup risk—financial management—by applying artificial intelligence, machine learning, and robotic process automation to create a fast, streamlined, intuitive way for startups to manage their finances.”
In other recent fintech news, Apple partners with Affirm to offer BNPL in Canada. Figure is also merging with mortgage lender Homebridge, and fintech-as-a-service provider Rapyd raises a $300 million Series E, following its recent $300 million Series D in March.