Fintech firm Gaviti helps companies recoup outstanding receivables via their automated platform.
Last year, their customers recovered $6.2 billion in A/R Receivables “by streamlining an otherwise tedious process,” according to Yan Lazarev, Co-founder & CEO of Gaviti.
Gaviti, an automation system developed to assist firms with collecting and managing client invoices, confirmed the closing of a $9 million Series A investment round that was reportedly led by UK-headquartered Flashpoint.
The round included contributions from Moneta VC, North First Ventures, TAU Ventures, and LETA Capital. The Fintech firm’s platform assists firms with utilizing a user-focused application to manage their collections process and open a critical cash flow artery that is otherwise blocked by various hands-on steps.
As noted in the update, receivables are considered the lifeline of any company or business. However, the process for B2B businesses to collect outstanding receivables requires a tedious or time-consuming process and valuable company resources.
As mentioned in the announcement, accounts receivable departments tend to lack an effective software solution that focuses on their requirements.
Somewhat similar to how sales teams have CRMs to manage communication and sales processes, Gaviti provides such capabilities to collections professionals with follow-up and workflow tools.
By automating the Accounts Receivable collections with a purpose-built solution, departments may accelerate the collections process, lowering overall stress on accounting while boosting cash flow.
Yan Lazarev, Co-founder and CEO of Gaviti, stated:
“This is a problem all companies face, yet none of them have cracked how to address it without applying pressure on teams and customers. Our clients lowered the number of overdue receivables by 35%, due to the automation of otherwise inefficient manual processes.”
Taking a novel approach, Lazarev and his co-founder and CTO, Alex Komarovsky, developed Gaviti to be the only firm to integrate with existing ERPs via a universal language seamlessly.
This enables a fast onboarding process for adopters and will allow teams to quickly begin seeing a return on their investment soon after implementing this new software.
These funds should be used to expand Gaviti’s services.
Komarovsky added:
“Our main goal continues to be synchronizing with organizations to streamline this once time-consuming process. This series of funding will allow us to continue expanding and creating new features that will improve this new streamlined collections process.”
Alexander Konoplyasty, Managing Partner at Flashpoint Venture Capital, noted:
“We are very excited to partner with Gaviti, who provides businesses with global payment options. With our contribution, Gaviti will help hundreds of companies go global, increase revenues and reduce overall costs. We have been following their journey for some time, and strongly believe in the company’s success.”