Silicon Valley finance concierge startup Zeni raised $34 million in a Series B funding round led by Elevation Capital with additional participation from new backers, Think Investments and Neeraj Arora. Elevation Capital founder and managing partner Ravi Adusumalli is also joining Zeni’s board.
Zeni has seen 550 percent revenue growth year-over-year, driven exclusively by referrals and organic growth. The finance startup handles over 100 clients and manages in excess of $500 million monthly. Zeni works with pre-revenue startups as well as companies posting in excess of $100 million in revenue every year.
“Startups and small businesses are fundamentally changing how they operate based on digital-first tools and services that are displacing the traditional, slow and human-intensive services across every category,” Zeni co-founder and CEO Swapnil Shinde said.
Read More: Announcing Zeni’s $34M Series B Funding
Shinde added that startups are seeking to “digitize and automate their business finances” right out of the starting gate. Zeni, he said, has already posted revenue growth of 550 percent, plus has year-over-year customer growth of 375 percent.
“Zeni is tackling the root of startup risk — financial management — with a seamless blend of human finance experts and advanced artificial intelligence [AI], machine learning [ML] and robotic process automation technology, resulting in an incredibly fast, streamlined, intuitive way for startups to manage their finances,” Shinde said.
Recent data from McKinsey & Company indicated that companies have been backed into a corner over the past dozen months and were forced to quickly pivot towards a digital-first mindset. Digital adoption is estimated to have helped spur business transformation by up to three years, according to the press release.
The McKinsey data was culled from surveys of 900-plus C-suite executives who were asked about the past year’s workplace conditions and the accelerated move toward adopting digital solutions.