Gaviti, an automation solution that helps businesses collect and manage customer bills, has closed a $9 million Series A funding round led by UK-based Flashpoint and includes Moneta VC, North First Ventures, TAU Ventures, and LETA Capital.
Their technology enables businesses to manage their collections process using a user-friendly application, allowing them to access a key cash flow artery that would otherwise be clogged by numerous manual stages.
Receivables are a company’s lifeblood.
However, collecting unpaid receivables for B2B organizations is a time-consuming procedure that requires company resources.
Accounts receivable departments are in need of a software solution that is tailored to their specific requirements.
Gaviti provides collections specialists with follow-up and workflow tools, similar to how sales teams use CRMs to handle communication and sales processes.
Departments may speed up the collections process by automating Accounts Receivable collections with a first-of-its-kind purpose-built system, lowering stress on accounting while increasing cash flow. “This is a challenge that all businesses confront, but none of them have figured out how to solve it without putting pressure on employees and customers,” said Yan Lazarev, Gaviti’s co-founder, and CEO. “By automating normally inefficient manual operations, our clients were able to reduce the number of delinquent receivables by 35%.”
Lazarev and his co-founder and CTO, Alex Komarovsky, established Gaviti to be the only firm that can seamlessly interact with existing ERPs using a single common language.
This enables a speedy onboarding process for new users and helps teams to see a return on their investment as soon as the new software is implemented.
Gaviti will use this cash to expand its services. Komarovsky stated, “Our main focus remains to be coordinating with organizations to streamline this once time-consuming process.” “With this round of funding, we’ll be able to keep expanding and adding additional features to this more streamlined collection method.”
“We are really delighted to partner with Gaviti, who provides businesses with global payment choices,” said Flashpoint Venture Capital Managing Partner Alexander Konoplyasty. “Gaviti’s support will assist hundreds of enterprises in going worldwide, increasing sales, and lowering total expenses.” We’ve been tracking their progress for a while and are confident in their future success.”
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