HighRadius, a U.S.-based fintech enterprise Software-as-a-Service (SaaS) company specializing in integrated receivables, announced on Tuesday it secured $125 million through its Series B funding round, which was led by ICONIQ Capital with participation from existing investors Susquehanna Growth Equity and Citi Ventures.
Founded in 2006, HighRadius claims 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 more details about the investment round, Sashi Narahari, Founder and CEO of HighRadius, stated:
“Today marks an important milestone for HighRadius and we’re thrilled to have ICONIQ join us in our vision to modernize the Order to Cash space. ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey.”
Will Griffith, Partner at ICONIQ Capital, added:
“As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority. The HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, and by delivering mission-critical ROI.”
HighRadius added that the investment round’s funding will be used to accelerate its continuing platform development and expansion of its geographic reach.