Fintech start-up Zeni secures $34m Series B investment
California-based fintech Zeni has raised $34 million in a Series B funding round led by Elevation Capital.
Zeni calls itself a “finance concierge”
The raise also included participation from Think Investments and Neeraj Arora as well as existing investors Saama Capital, Sierra Ventures, and Twin Ventures, among others.
The company has now raised $47.5 million in total funding over three rounds, with this latest round coming just five months after an $11.5 million Series A in March.
Zeni, which calls itself a “finance concierge”, aims to help start-ups and small businesses manage their financial operations, including daily bookkeeping, yearly taxes, bill paying and invoicing, and payroll administration.
The firm offers an AI-powered bookkeeping and accounting platform that provides real-time insights on a company’s financial metrics, such as cashflow analysis and spend and income trends for customers and vendors.
Swapnil Shinde, co-founder and CEO, says: “Start-ups 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.”
He adds his firm uses “artificial intelligence, machine learning, and robotic process automation” to digitise and automate financial operations.
Founded in 2019, it claims to manage more than $500 million in funds each month across more than 100 companies
Zeni will use the new financing to continue its expansion and invest in new hires.
