Monetary audit and consulting juggernaut Deloitte announced Tuesday it is partnering with AI-powered treasury management provider HighRadius to target a a top working group: Chief Financial Officers.
The collaboration will see Deloitte’s clients and financial negotiations working alongside and implementing HighRadius’ artificial intelligence platform. According to a release of the high-profile partnership, the two are working to create greater “efficiency” and “margin improvement” in the office of the CFO.
HighRadius currently works with over 600 customers, including over 200 of the Forbes Global 2000 such as Walmart, PepsiCo, Kellogg Company and Procter and Gamble.
The company describes itself as a “SaaS provider for integrated receivables, such as credit, cash application, EIPP, collections, deductions, and payments.” Put plainly, the platform works to automate routing receivables and payments processes via AI and machine learning. It is also important to note its white-labeled software is integrated into its partners’ offerings.
Tuesday’s news arrives six months after HighRadius received a healthy $300 million cash injection in a series C round led by D1 Capital and Tiger Global.
While it is difficult to pin down HighRadius as a startup given its scale, the 15-year-old company has only taken in external capital in recent years. It also partnered with and beta tested for several other financial giants including Mastercard’s Track Business Payments Service in 2019 and Citi‘s Smart Match – a platform deigned to match open invoices to payments received for its corporate clients in 2018.
As for Deloitte, the company resides as one of the “Big Four” accounting organizations and reportedly continued to grow its global revenue to $50.2 billion by the end of its most recent fiscal year – its financial advisory services and audit and assurance sectors excelling the quickest of of late at 12.9% and 6.1%, respectively.
In it’s 2025 predictions, Deloitte’s top forecast was a market shift to touchless automation and blockchain dependency.
“In the years ahead, cloud-based ERP, automation, and cognitive innovation will continue apace, creating opportunities to radically simplify processes and free up people. Adding blockchain to the mix will only accelerate this trend. As this transition picks up speed, the capacity of humans to add value will be unleashed,” Deloitte said in its predictions.
According to Deloitte, the goal is to see tech work alongside financial operations managers and executives, not replace. Meanwhile, expectations for support from business finance (business partnering, reporting, planning, budgeting, forecasting, etc.) and specialized finance (tax, treasury, IR, etc.) will continue to grow.