FinTech startup Gaviti helps companies recoup outstanding receivables with their automated platform. “In 2021, our clients recovered $6.2 billion in A/R Receivables by streamlining an otherwise tedious process,” said Yan Lazarev, Co-founder & CEO of Gaviti.
Gaviti, an automation system designed to help companies collect and manage client invoices, announced the closing of a $9 million Series A funding led by UK-based Flashpoint with participation by Moneta VC, North First Ventures, TAU Ventures, and LETA Capital. Their platform helps companies utilize a user-focused application to manage their collections process and open a vital cash flow artery that is otherwise blocked by many hands-on steps.
Receivables are the lifeline of any company. Yet, the process for B2B businesses to collect outstanding receivables demands a tedious process and company resources. Accounts receivable departments lack an effective software solution that focuses on their needs. Similar to how sales teams have CRMs to manage communication and sales processes, Gaviti offers these same capabilities to collections professionals with follow-up and workflow tools.
By automating the Accounts Receivable collections with a first-of-its-kind purpose-built solution, departments can accelerate the collections process, reducing stress on accounting while boosting cash flow. “This is a problem all companies face, yet none of them have cracked how to address it without applying pressure on teams and customers,” said Yan Lazarev, Co-founder and CEO of Gaviti. “Our clients lowered the number of overdue receivables by 35%, due to the automation of otherwise inefficient manual processes.”
Taking a unique approach, Lazarev and his co-founder and CTO, Alex Komarovsky, developed Gaviti to be the only company to integrate with existing ERPs using a single universal language harmoniously. This allows for a quick onboarding process for new adopters and will enable teams to quickly begin seeing a return on their investment shortly after implementing this new software.
These funds will be used to expand Gaviti’s services. “Our main goal continues to be synchronizing with organizations to streamline this once time-consuming process,” said Komarovsky. “This series of funding will allow us to continue expanding and creating new features that will improve this new streamlined collections process.”
“We are very excited to partner with Gaviti, who provides businesses with global payment options,” said Alexander Konoplyasty, Managing Partner at Flashpoint Venture Capital. “With our contribution, Gaviti will help hundreds of companies go global, increase revenues and reduce overall costs. We have been following their journey for some time, and strongly believe in the company’s success.”