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Keeping track of expenses and payables is crucial for every business. Account Payable automation or AP automation software simplifies tasks like submitting invoices, managing approvals, and processing payments in a fast, error-free and transparent manner. This is the reason why many businesses are adopting Accounts payable automation these days. As reported by Adroit Market Research, the Account Payable Automation software market will be valued at US $ 4 Billion by 2025. One of the top companies providing this software in India is Finly. Finly also offers software for expense management, e-procurement, budgeting and offers various expense and budget-related insights that can help managers and accounting professionals take important business decisions.
In this article, we have covered all about Finly, its founders, the story behind the inception of the startup, its products, revenue, and plans.
Finly - Company Highlights
- Startup Name-Finly
- Headquarters-Bengaluru, Karnataka, India
- Industry-Financial Services, Accounting, Information Technology, FinTech
- Founders-Veekshith Rai and Vivek A G
- Current CEO-Veekshith Rai
- Website www.finly.io
Finly - Latest News
In December 2019, Finly raised an undisclosed amount of funding from investors like Gemba Capital, AngelList India, Omphalos Ventures, Social Capital, and 91springboard.
We believe the team has built a fantastic SaaS product for the global market,” said Adith Podhar, Gemba Capital managing partner. “With Finly, a CFO can time his payments to better manage cash and capture early payment discounts, reduce invoice processing time and costs, and engage the accounts payable department in more strategic, higher-value activities.” Adith added.
About Finly and How it Works?
Finly is a financial management and governance software business. It provides a platform that enables businesses to automate, get visibility into, and manage their expenditure swiftly.
Finly created cloud-based expenditure management software to automate all corporate payments and transactions. The company's software allows businesses to use cashless transactions by providing expenditure management, money distribution, digital payments, automated collection, and vendor payments.
Finly began with a simple notion: to help businesses better understand their spending and costs. Finly was created to help your organization establish better procedures, resulting in a system that is much more cost-effective and time-efficient. They believe that by replacing standard cost reporting systems with Finly, they would be able to make the entire process more hassle-free, resulting in higher employee satisfaction.
Finly offers a SaaS component that automates all financial operations within the company. To digitize all external financial transactions, the SaaS component connects with every type of payment instrument in India (UPI/ NEFT/ IMPS/ RTGS/ Prepaid Cards/ Credit Cards) enabling businesses to make seamless transactions.
The SaaS solution allows multiple stakeholders (spender/reviewer/finance team/vendors) to interact and cooperate while giving the finance team comprehensive insight. The solution maintains all internal corporate systems up to date with real-time financial activities.
Finly maintains all corporate business systems in sync and provides the most dynamic reporting on the industry by giving the company comprehensive visibility into its spending. Their objective is to give finance teams technology and analytics that allow them to have powerful insights into their spending, allowing them to make informed strategic decisions and removing any cost management roadblocks as your company grows.
Finly offers software for company cost management, digital cash distribution, vendor payments, and GST-compliant invoicing and payments to assist businesses to automate and simplify their spending.
Finly - Name and Logo
The 'Fin' in Finly refers to the company's financial management and governance software business.
Finly's tagline says, "Control, Optimize & Strategically Reduce Business Spend By Digitising Accounts Payable Process with a Scalable AP Automation System"
Finly - Founder and History
Veekshith Rai and Vivek A G founded Finly in 2015.
Veekshith Rai and Vivek A G had been friends since they were adolescents, and after graduating from an engineering school in Bengaluru in 2012, they got interested in digital money. Veekshith worked for Mindfree Labs, and Vivek for Accion, and they both worked in IT. However, after only 3 years, they realized they had arrived at a major revenue opportunity: expenditure management.
Finly, a company expenditure, and cost management solution, was born out of this need.
“Before settling on this concept, we had honed in on five challenges we were interested in solving,” Veekshith explains. "We put together pitch decks and contacted industry experts, investors, and advisers. We froze upon Finly and developed a prototype to obtain our first set of clients after feedback, numerous revisions, and a lot of deep ideation.”
During the initial stage, the founders narrowed down possible clients regarding the problem and other factors and shared the product concept with Chief financial officers. After receiving a partial payment, they began development on the system and rolled it out in stages.
Finly - Mission and Vision
Finly's mission and vision statement say, "Finly Corporation is committed to providing our clients with a high-quality product and outstanding service. When clients use any of our goods or services to develop projects, we try to offer them security and peace of mind. We strive to be at the forefront of innovative technology and manufacturing processes."
Finly - Business Model
Finly is focusing on the B2B market since the B2C market has been significantly disrupted by technology like UPI and applications such as PayTM and PhonePe, which have reduced reliance on cash.
Businesses, on the other hand, continue to rely on traditional payment processing systems. This is mainly because of two reasons: banks' ongoing concentration on major operations and their failure to consumerize modern banking technology with software commodities that address current business demands.
Finly's business model is built on a per-user, per-month cost that is determined by the module selected by the client. They also demand a transaction fee, which is determined by the form of transaction utilized by the company.
“Payments, an integral part of financial operations, remain disconnected from current processes. But payment technologies like UPI, currently open only to the B2C segment, will further drive adoption of digital payments when rolled out to the B2B segment,” says Vivek.
Finly - Revenue and Growth
Finly's yearly revenue is now projected to be $7.1 million.
Finly's revenue per employee is expected to be $145,000.
The founders invested little more than Rs 1 crore in the firm, which is producing close to Rs 7 crore in revenue. The founders however have not confirmed the company's revenue.
Finly - Competitors
Finly is a SaaS company that competes with Expensify, SAP Concur, Zoho, Pleo, G2 Storefront, Happay, and Fyle.
Finly - Challenges Faced
According to Veekshith, the road ahead isn't really a bed of roses.
Changing the habits of finance teams is one of the company's difficulties. However, Finly combats this challenge with a robust customer success staff that follows up with its clients after the transaction.
The other challenge for the company is having strong business professionals with a mix of sales, technology, and financial skills.
Finly - Future Plans
Finly presently works with over 100 clients, and is working to increase the client base. The company will add more intelligent products to its suite in future.
V Ganapathy, CEO of Axilor Ventures, says: “This market is a big opportunity and this startup helps clients track all their financial expenses. We believe Finly has figured out the market reach and is scaling fast.”
Finly gives CFOs and finance teams comprehensive insight and control over payables. All while improving Finance Teams' productivity by over 80% via the use of a sophisticated Finance Communication Framework to automate tedious and repetitive procedures and ease wireless communication within Finance Teams. With its intelligent software Finly is all set to change the way Finance teams across industries work.
Speaking about Finly's vision, co-founder Vivek AG says, “We think that the future generation of finance teams will not spend time on manual labor for day-to-day activities such as processing vendor payments, reconciling invoices, tracking advances, and so on. Finly will assist finance teams in important duties such as analyzing and tracking vital indicators related to the company's growth."
Finly - FAQs
What does Finly do?
Finly is a financial management and governance software business. It provides a platform that enables businesses to automate, get visibility into, and manage their expenditure.
Who founded Finly?
Veekshith Rai and Vivek A G founded Finly in 2015.
How does Finly make money?
Their business model is built on a per-user, per-month cost that is determined by the module selected by the client. They also demand a transaction fee, which is determined by the form of transaction utilized by the company.
Which companies do Finly compete with?
Finly is a SaaS company that competes with Expensify, SAP Concur, Expensify, Zoho, Pleo, G2 Storefront, Happay, and Fyle.