Statement, a startup developing a platform for enterprise cash flow management, today announced that it raised $12 million in seed funding.
Glilot Capital Partners contributed to the tranche with participation from Citi, Mensch Capital Partners, Titan Capital and Operator Partners. Co-founder and CEO Idan Vlodinger says that it’ll be used to “double down” on Statement’s go-to-market efforts and “accelerate” the pace of product development.
“Many traditional finance and treasury operations are manual, time-consuming and complex,” Vlodinger told TechCrunch in an email interview. “Tasks like monitoring all of the company’s cash in real time across all legal entities, regions and financial institutions are extremely labor-intensive and time-consuming. Finance and treasury teams are ultimately in charge of their company’s financial health and bear the weight of the world on their shoulders, but they don’t have access to the information needed to make timely, mission-critical decisions.”
Before founding Statement, Vlodinger worked at Amazon, where he was a senior product manager at Prime Video. After leaving Amazon for Mastercard, where he eventually graduated to the role of VP of products and innovation, Vlodinger teamed up with Shahar Lahav, a former researcher in the Israel Defense Forces, to launch Statement.
Vlodinger describes Statement as a “cash intelligence” platform for companies working with multiple banks, managing liquidity and attempting to forecast their cash flow. Statement connects with banks and integrates with existing systems, including business tools (e.g. Google Sheets), enterprise resource management platforms (e.g. Oracle Cloud, NetSuite) and payment providers (e.g. PayPal, Stripe), to reconcile and sync real-time financial data to give visibility into a firm’s cash performance, Vlodinger says.
Statement can automatically categorize transactions for financial reports. And it can forecast short- and long-term cash flow, establishing a baseline and analyzing historical trends to improve overall forecast accuracy. Elsewhere, Statement’s workflow automation tools allow teams to automate repetitive and manual tasks like cross-checking between banks and reporting errors.
“Statement saves the office of the CFO hundreds of hours per month on manual data collection and enrichment, and hundreds of thousands to millions of dollars by being able to manage their money faster and better,” Vlodinger said. “CFOs deserve to work with great software, with a fantastic user interface, that has real-time data, and have the systems “speak” to each other with true data reconciliation, so they can focus on growing their businesses.”
Vlodinger claims that Statement, founded in 2022, already has dozens of companies in its customer roster. Revenue has increased 10x over the past year, meanwhile — despite competition from vendors like Kyriba, Trovata, Ion and Gtreasury.
Gearing up for further growth, Statement plans to expand its 31-person team, which is split between offices in New York and Tel Aviv, to 35 people by the end of next year.
“The pandemic, supply chain risk, volatile markets, rising interest rates and high inflation have caused global enterprises’ management to be laser-focused on their finances and cash. The technology stack for the office of the CFO has emerged as a key component in this landscape. As a result, it now represents one of the most exciting opportunities and areas for development and innovation.