Finofo provides a financial management platform that automates accounts payable, facilitates global receivables through local currency accounts, and offers real-time treasury management across multiple entities. By eliminating manual processes and reducing transaction fees, Finofo enables finance teams to efficiently manage international payments and cash flow.
Funding
$1.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
DMVPASV+1Founders
Product
Problem
Many businesses face challenges in managing international payments and cash flow due to manual processes, high transaction fees, and a lack of real-time visibility across multiple entities. Traditional banking systems and FX brokers often lack transparency and can be costly, while existing fintech solutions may not fully address the complexities of global financial operations.
Solution
Finofo offers a financial management platform designed to automate accounts payable, streamline global receivables, and provide real-time treasury management across multiple entities. The platform enables businesses to open unique receivable accounts worldwide, collect payments in local currencies, and control currency conversions. By automating bill retrieval, payment execution, and reconciliation, Finofo eliminates manual data entry and reduces the costs associated with international transactions. Additionally, Finofo provides corporate cards tied to global accounts, allowing for flexible spending and cashback rewards.
Target Audience
Finofo primarily targets finance teams within tech, SaaS, food & agriculture, e-commerce, automotive, manufacturing, retail, and wholesale companies that require efficient management of international payments and cash flow.
Features
- Automated accounts payable workflow from ERP to supplier's bank account
- Global receivables accounts for collecting payments in local currencies
- 24/7 currency conversion control with consistent rates
- Real-time treasury management across borders and entities
- Corporate cards tied to global accounts with cashback rewards
- Automated reconciliation to speed up financial closing
- Multi-currency capabilities to reduce currency conversion needs
- Flexible spending controls for corporate cards
- Integrations for pulling and pushing transaction data