HighRadius Announces $300 Million Funding Round
When it comes to FinTech, some of the most well-known companies are those that consumers interact with on a regular basis. These include the likes of Square, PayPal, SoFi, Robinhood, etc. However, it’s often the startups that operate “behind-the-scenes” — such as Plaid, Stripe, and others — that actually attract the largest investments. Case in point: HighRadius, which offers AI-powered Order-to-Cash and Treasury Management software, has just closed a mega round deal that triples its former valuation.
This week, Houston-based FinTech HighRadius announced that it had raised $300 million in its latest round. The Series C was led by D1 Capital and Tiger Global, while returning investors ICONIQ Growth and Susquehanna Growth Equity also participated. Additionally, Snowflake Chairman and CEO Frank Slootman, Snowflake CFO Michael Scarpelli, Procore Technologies CEO Tooey Courtemanche, and Airtable co-founder/CEO Howie Liu all invested. With the latest round, the startup has now raised a total of $475 million to date and is valued at $3.1 billion.
HighRadius says that the new capital will be directed toward product innovation as well as helping the software-as-a-service (SaaS) company expand into other global markets. Currently, the FinTech counts more than 200 Fortune 1000 companies among its client base. Some of these top brands include Bayer, GE, Uber, Warner Bros., Johnson & Johnson, and many more. According to their site, HighRadius currently processes upwards of $1 trillion in transactions annually.
In a press release announcing the Series C, HighRadius founder and CEO Sashi Narahari said, “We are excited to have D1 Capital Partners and Tiger Global join our existing investors, Susquehanna Growth Equity and ICONIQ Growth,” adding, “Our goal has always been to build a long-lasting business that outlasts all of us. I look forward to working with such high-quality long-term investors who share a common vision of transforming the Office of the CFO using a combination of Artificial Intelligence built on top of connected finance workspaces and embedded analytics.” Meanwhile, Tiger Global Management partner John Curtius said of his firm’s investment, “HighRadius is in the opening innings of defining the next big software market for the Office of the CFO. HighRadius bears all of the signs of being a ‘category defining’ business for Order-to-Cash automation. We are thrilled to join the HighRadius team for the ride.”
Between its impressive client list and now its major investments, HighRadius has certainly hit the radar of FinTech observers. What’s more, the mega round continues what’s been yet another strong year for FinTech deals. With that, expect to see plenty more unicorns made and grown in 2021.