Financial concierge startup Zeni raises $ 34 million to show SMEs their finances in real time – TechCrunch

Women, a Palo Alto fintech company that provides real-time financial services data to enterprise-backed startups, raised $ 34 million in Series B funds led by Elevation Capital.

The new investment comes just five months after Zeni announced $ 13.5 million in a combined round of seed and Series A. The company has now raised $ 47.5 million in total since it was co-founded in 2019 by twin brothers Swapnil Shinde and Snehal Shinde.

Elevation was joined in the new round by new investors Think Investments and Neeraj Arora, as well as existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures. As part of the investment, Ravi Adusumalli, founder and managing partner of Elevation Capital, will join Zeni’s board of directors.

The Shinde brothers started the company after selling his last company, Mezi, a travel concierge, to American Express in 2018. Zeni’s AI-powered financial concierge platform offers accounting, tax and CFO services and manages them for a flat monthly fee starting at $ 299 per month . Founders have real-time access to financial information through Zeni Dashboard, including cash inflows and outflows, operating expenses, annual taxes, and financial projections. They can also download the financial data in the “segment” they want.

At the time of its Seed / Series A round, the company was managing more than $ 200 million in funding each month, and that has skyrocketed to more than $ 500 million, CEO Swapnil Shinde told TechCrunch. His clients range from startups before revenue to companies that generate more than $ 100 million in annual revenue.

In addition to analyzing cash inflows and outflows, the company also created a search function for transactions and trends in expenses and income at each customer and vendor, said Snehal Shinde, chief product officer.

Zeni panel. Image credits: Women

Zeni experienced 550% revenue growth year-over-year, while the company’s customer base grew 375%, driven by referrals and organic growth, Swapnil Shinde said.

Despite the growth, Serie B came as a surprise to the brothers. The company was already “very well capitalized,” with most of the previous round still in place, Swapnil Shinde said.

However, Zeni started getting so many incoming inquiries that she said it was too exciting to broadcast. Especially with the incorporation of Elevation Capital as an investor. Shinde said it was attractive because the company was an investor in Paytm and “knows how to partner and build unicorns.”

The new funding will be used to further expand and develop accounting and bookkeeping functions and to accelerate recruitment, especially in the engineering, sales and finance vertical teams. Shinde hopes to double or triple the finance team next year.

“As our clients scale to their Series B, more can use our real-time solution to see what is happening to their finances, especially with startups and companies that have a more remote workforce,” added Swapnil Shinde. “Zeni fits with that.”

Ash Lilani, a managing partner at Saama Capital, one of Zeni’s first and largest investors, said he knew how big the total addressable market was ($ 200 billion) and how much these types of financial services were a giant pain point for. emerging companies.

“Knowing what your financial situation is in real time is difficult to do, you usually get that information at the end of the month,” Lilani said. “I think we have the opportunity to build a great company. Although Zeni is chasing start-ups today, small and medium markets can take advantage. As they grow, Zeni will become their back-end controller, while companies can simply hire a CFO for strategic decisions. “

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