HighRadius, which has developed AI-powered fintech software, announced Tuesday it has raised $300 million in a Series C funding round led by D1 Capital and Tiger Global.
The round values Houston-based HighRadius at $3.1 billion, triple its valuation of “more than $1 billion” at the time of its $125 million Series B in January of 2020. With this latest financing, HighRadius has raised $475 million in funding.
Existing backers ICONIQ Growth and Susquehanna Growth Equity also participated in the round along with a slew of high-profile CEOs, including Snowflake Chairman and CEO Frank Slootman; Snowflake CFO Michael Scarpelli; Procore Technologies CEO Tooey Courtemanche and Airtable co-founder and CEO Howie Liu.
HighRadius said it will use the new capital “to fuel product innovation and expand global go-to-market reach.”
At the beginning of 2020, HighRadius had more than 400 customers, including over 200 of the Forbes Global 2000 such as Walmart, Nike and Procter & Gamble, and claimed to process more than $1 trillion in transactions per year.
Today, the HighRadius platforms for order-to-cash and treasury management help more than 600 clients, including more than 200 of the Forbes Global 2000, “optimize their working capital.”
Founded in 2006, HighRadius may not technically be a “startup” in the literal sense of the word. It has, however, notably only taken external capital in recent years.
The company describes itself as a “SaaS provider for integrated receivables, such as credit, cash application, EIPP, collections, deductions, and payments.” In other words, the platform aims to automate routing receivables and payments processes (such as predicting invoice payment dates, for example) across a variety of functions via AI and machine learning. Its white-labeled software is integrated into its partners’ offerings.
John Curtius, partner at Tiger Global Management, said HighRadius is “in the opening innings of defining the next big software market for the Office of the CFO.”