HighRadius Secures $300 Million in Series C Funding

HighRadius, a developer of artificial intelligence-driven fintech solutions, announced on Tuesday the completion of a $300 million Series C funding round. The investment was spearheaded by D1 Capital and Tiger Global.

Valuation and Funding Details

This funding round has resulted in a valuation of $3.1 billion for the Houston-based company. This represents a tripling of its valuation from January 2020, when it was valued at “more than $1 billion” during its $125 million Series B raise. To date, HighRadius has accumulated $475 million in total funding.

Investor Participation

In addition to the lead investors, existing backers ICONIQ Growth and Susquehanna Growth Equity also contributed to the round. A number of prominent CEOs participated, including Frank Slootman, Chairman and CEO of Snowflake; Michael Scarpelli, CFO of Snowflake; Tooey Courtemanche, CEO of Procore Technologies; and Howie Liu, co-founder and CEO of Airtable.

Use of Funds

The newly acquired capital will be allocated towards accelerating product innovation and broadening the company’s global market presence.

Customer Growth and Transaction Volume

As of early 2020, HighRadius served over 400 customers, with more than 200 being companies featured on the Forbes Global 2000 list. These included major corporations like Walmart, Nike, and Procter & Gamble. The company processed over $1 trillion in transactions annually.

Currently, HighRadius supports more than 600 clients, including over 200 from the Forbes Global 2000. Their platforms for order-to-cash and treasury management are designed to “optimize their working capital.”

Company History and Evolution

Established in 2006, HighRadius, while not a traditional “startup,” has primarily sought external funding in recent years.

Platform Capabilities

The company positions itself as a SaaS provider specializing in integrated receivables management. This encompasses areas such as credit, cash application, EIPP, collections, deductions, and payments. Essentially, the platform leverages AI and machine learning to automate receivables and payments workflows, including predicting invoice payment timelines. The software is offered as a white-labeled solution, integrating with partner platforms.

Industry Perspective

John Curtius, a partner at Tiger Global Management, stated that HighRadius is “in the opening innings of defining the next big software market for the Office of the CFO.”