HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company, has secured a strategic investment from Citi Ventures and PNC. The company, which was founded in 2006, states its HighRadius Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing.
“Powered by the Rivana Artificial Intelligence Engine and Freda™ Virtual Assistant for Credit-to-Cash, HighRadius Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes. The radiusOne B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes.”
While sharing details about the investment, Luis Valdich, managing director of venture investing at Citi Ventures, stated:
The digitization, fragmentation, and atomization of payments are growing rapidly and increasing in complexity. HighRadius’ platform is purpose-built to modernize the accounts receivable function for the enterprise. We look forward to collaborating with HighRadius to revamp receivables with AI and automation technologies.”
Christopher Ward, Executive Vice President, Head of Product Management, PNC Treasury Management, also commented:
“PNC Treasury Management has a long history of helping customers accelerate incoming payment processing while simplifying the account process through a combination of lockbox and electronic billing and collection services. With HighRadius’ receivables-focused technology, we are able to automate cash application across all payment and remittance formats allowing them to achieve straight-through processing and capture high quality data without human intervention.”
Sashi Narahari, Founder and CEO of HighRadius, added:
“If cars can drive themselves, why can’t receivables be processed automatically? Progressive organizations recognize they must look for new ways to incorporate technology rather than simply overseeing a race to the lowest cost resources in far flung BPO centers. With more than $500 billion in receivables processed annually, our platform improves the efficiency of existing staff using intelligent bots while fully automating labor-intensive tasks such as cash application.”