Gaviti is a developer of a cloud financial platform designed to solve the problems of collecting receivables facing business owners. The company's platform helps control outstanding receivables, automates the task of interacting with customers and optimizes the process as a whole, allowing enterprises to reduce late payments for a business that is forced to sell on credit, and reduce the number of refusals due to weak cash flow.
History
2022: Raising $9 million, including from Leta Capital
On April 5, 2022, it became known that Gaviti, which provides software as a service (SaaS) for account management and collection of payments, raised $9 million in series A funding.
The $9 million funding round was led by Flashpoint, and Moneta VC, North First Ventures, TAU Ventures and LETA Capital also took part. The funds will be used to accelerate growth and expansion in North America and Europe, as well as to introduce new fintech solutions that are planned to be implemented in the second and third quarters of 2022. These proposals include financing, factoring services and receivables insurance, which help corporate customers maintain a more stable cash flow. In 2021, Gaviti helped enterprises collect $6.2 billion in receivables.
Gaviti CEO Jan Lazarev said that he developed the idea along with technical director Alex Komarovsky when he was a financial manager at Cornerstone OnDemand. At that time, he was looking for a reliable Solution SaaS to meet their collection needs.
{{Quote 'Shocked that there was not an adequate solution in the market, which led us to begin developing an easy-to-use solution that would optimize collection processes, just as sales and marketing departments have their own cloud SaaS tools. These capabilities allow us to easily connect customers without any difficulties and put them into operation as soon as possible, said Gaviti CEO Jan Lazarev. }} All companies face this problem, but none of them knows how to solve it without pressure on employees and customers. Our customers reduced the amount of overdue receivables by 35% due to the automation of inefficient manual processes, Lazarev added.
Gaviti automates all relevant analytics and customer interaction on receiving payments in accordance with standard or custom workflows. Specifically, the service helps teams automate the use of industry practices demonstrated to help financial teams reduce the number of overdue debt days (DSOs) that track aggregate payment delays.
The company also says it has developed tools to quickly convert data from different ERP systems into a format optimized for analyzing and processing receivables collection data. Gaviti claims that it can convert data from old, new, outdated, industry, and even custom ERP solutions into a standard format in just a few hours.[1]
Notes
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