ZenStatement raises $1.62m in Seed round to power CFO stack

By Gloria Mathias

ZenStatement, an AI-powered finance automation and cashflow management platform, has raised $1.62 million in seed round funding. The round was led by 3One4 Capital and Boldcap VC and participated in by Dynamis Ventures and Atrium Angels.

In today’s fast-paced digital world, as transaction volumes and financial complexities continue to grow, finance teams are often overwhelmed with manual, repetitive tasks caused by disconnected systems and tools, collectively referred to as ‘the CFO Stack’. Much of their time is spent on Excel sheets, trying to consolidate data, produce financial reports, and manage cash flows, often with limited success and potential cashflow leakages.

Considered a cost centre, the finance function tends to be underfunded, making it harder to manage cash flows and support better financial decision-making.

Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, ZenStatement (formerly known as SimpliFin) is an AI-powered financial analytics and cash flow management solution for enterprises with high transaction volumes. It helps businesses easily monitor, optimise, reconcile, and forecast their cash flows while providing valuable financial insights through AI-driven natural language queries.

With the seed funding, ZenStatment will focus on increasing its product offerings and building a sales & marketing engine to expand its presence in India and international markets.

Sourabh Nolkha, CEO and Co-founder of ZenStatement said, “By automating the finance processes end-to-end, we help finance teams be more productive and focus more on activities that drive more impact. We have seen great traction so far in India (and there are early offshoots in other developed markets) and are looking forward to accelerating the digital adoption of the finance function while simplifying the lives of finance professionals.”

Sonal Saldanha, Vice President at 3one4 Capital, said, “Reconciliation is a surprisingly hard problem to solve, and businesses often tend to put some brittle solutions in place for the lack of viable alternatives and a great starting point for a product like ZenStatement. Sourabh and Ankit bring domain knowledge and customer empathy to a crucial business function and have already made a mark in the one year that they’ve been around. We are excited to support ZenStatement as they scale and drive impact in the industry.”