Statement, a startup specializing in cash flow management for enterprises, has announced that it secured $12 million in seed funding. The investment round was led by Glilot Capital Partners, with participation from prominent investors including Citi, Mensch Capital Partners, Titan Capital, and Operator Partners. The funding will be utilized to strengthen Statement’s go-to-market strategy and accelerate product development.
Key Takeaway
Statement, a cash flow management platform for enterprises, has raised
2 million in seed funding. The funding will be used to enhance the platform’s go-to-market efforts and accelerate product development. Statement offers a comprehensive “cash intelligence” solution that integrates with banks and existing systems, automates financial data synchronization, and streamlines cash flow management. The company has experienced remarkable success, boasting a 10x increase in revenue over the past year. This latest funding round will empower Statement to further revolutionize how enterprises manage their finances and cash flow.
The Challenge of Manual Finance and Treasury Operations
According to Co-founder and CEO Idan Vlodinger, many traditional finance and treasury operations are burdened by manual processes, inefficiencies, and complexity. Tasks such as real-time cash monitoring across multiple legal entities, regions, and financial institutions prove to be labor-intensive and time-consuming. As a result, finance and treasury teams face challenges in making timely, mission-critical decisions.
Statement was founded with the aim of addressing these pain points. Vlodinger, who previously held senior roles at Amazon and Mastercard, teamed up with Shahar Lahav, a former researcher in the Israel Defense Forces, to develop Statement’s innovative solution.
The Cash Intelligence Platform
Statement offers a cutting-edge “cash intelligence” platform that caters to companies working with multiple banks, managing liquidity, and predicting cash flow. The platform seamlessly integrates with banks and existing systems, including popular business tools such as Google Sheets, enterprise resource management platforms like Oracle Cloud and NetSuite, and payment providers such as PayPal and Stripe.
By reconciling and synchronizing real-time financial data, Statement provides unparalleled visibility into a company’s cash performance. The platform automates the categorization of transactions for financial reports, allowing for accurate forecasting of short- and long-term cash flow. Additionally, Statement’s workflow automation tools enable teams to streamline repetitive tasks and eliminate manual errors in bank reconciliation and reporting.
The Impact and Success of Statement
Statement’s transformative solution has already gained significant traction, with dozens of companies already utilizing its platform. Revenue has witnessed an impressive 10x increase over the past year, demonstrating the market’s demand for improved cash flow management tools. Despite competition from vendors like Kyriba, Trovata, Ion, and GTreasury, Statement stands out for its comprehensive features and user-friendly interface.
To support its ongoing growth, Statement plans to expand its team from 31 to 35 members by the end of next year. With offices in New York and Tel Aviv, the company is well-positioned to drive continued innovation in cash flow management.
