In a funding round led by Point72 Ventures, FinLync has raised $16 million in equity capital. FinLync is a corporate treasury Fintech that is seeking to challenge SAP’s multi-bank product. Other investors that participated in the funding round include Nyca Partners, former CFO of Palantir Colin Anderson, and Plaid Founder William Hockey.
FinLync co-founder and CEO Phillip Klein said they are at a critical point of growth in their firm:
“We’ve secured an extensive list of global bank partners and this investment will help us continue our goal of bringing open banking into corporate treasury. With the right tools, treasurers and their teams are change leaders within their organizations. These individuals need access to real-time treasury data to manage their complex finance needs. With FinLync, corporate finance departments can become forward-thinkers and optimize cash, make better and faster decisions, all while saving time and resources. We believe that our solution is going to transform the treasury function of every global company and we are excited to have secured this growth investment to support our vision.”
The funding is expected to be utilized to support the company’s continued growth, including investment in its technology and expanding the firm’s global reach and executive leadership team.
FinLync states that its platform enables corporate finance and treasury departments to have greater control and visibility over their data than legacy treasury management systems provide. FinLync’s applications allow treasurers and finance professionals to access real-time payment processing, machine learning-assisted forecasting and reconciliation. FinLync’s global bank partners include J.P. Morgan and Standard Chartered, among other leading banks.
“The corporate treasury function has evolved into an increasingly strategic role. FinLync is accelerating that change with its unique solution for CFOs and treasurers around the world, and think they have an opportunity to transform this area of financial services,” said Tripp Shriner, Partner at Point72 Ventures. “We are confident in the experience and industry knowledge FinLync’s executive team brings to the table and believe in their vision. We believe FinLync is uniquely positioned to make a significant impact on this area of open banking and corporate treasury and we are encouraged by the clients and partners it has secured. We look forward to supporting the business as it continues to expand globally.”