HighRadius Corp., a Houston, TX-based financial supply chain management software provider, has raised $50 million in funding from global private equity firm Susquehanna Growth Equity.
The eleven-year-old fintech enterprise SaaS company will use the new funding to boost its growth and expansion into new geographical regions. Founded by Indian Institute of Technology Madras (IIT) alumni Sashi Narahari, who is now the company’s CEO, HighRadius leverages artificial intelligence and machine learning in order to help customers optimize cash flow through the automation of receivables and payments processes across credit, collections, cash applications, deductions, electronic billing and payment processing.
The cloud-based Integrated Receivables software provider reportedly works with hundreds of Global 2000 companies, including Adidas, Cargill, Danone, Johnson & Johnson, Procter & Gamble, Starbucks, Warner Bros and Zurich. The tech firm says it has grown at a 70% CAGR as it continues to run cash flow positive.
“We have been executing on our vision of enabling receivables functions to achieve ubiquitous electronic payment adoption and process automation – massively reducing paper-based processes and manual work. We have more than 350 clients on our Integrated Receivables platform powered by our Rivana Artificial Intelligence engine and the radiusOne B2B payment network. This funding will help us accelerate our platform to thousands of companies globally. Susquehanna Growth Equity has a proven track record of backing leading financial technology companies, and is a perfect partner for our next stage of growth,” said Narahari in a press release.
Susquehanna founder and managing director Amir Goldman highlighted the $11 billion Integrated Receivables market, suggesting that the industry is only in its early stages of adoption. The investment firm sees HighRadius as a “clear leader” in the space, indicating that it “loves backing bootstrapped companies like HighRadius,” which has never raised outside funding. As part of the deal, Susquehanna’s Amir Goldman and Ben Weinberg will join the HighRadius board of directors.
