Fintech PR
Whatfix Raises $125 Million Series E to Accelerate Expansion & Innovation of Digital Adoption Market
Funding round led by Warburg Pincus with participation from SoftBank Vision Fund 2
SAN JOSE, Calif., Sept. 25, 2024 /PRNewswire/ — Whatfix, a global leader among digital adoption platforms (DAPs), today announced it has secured $125 Million in a Series E funding round, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. The company is raising the new round at a significant premium, reinforcing its dominance as the leader in Digital Adoption Platforms (DAPs) and expanding into DAP adjacent offerings.
The investment will enable Whatfix to expand its category leadership and enhance its integrated product suite through organic growth and strategic acquisitions. The company also aims to expand its market presence in the US, EMEA, and APAC regions to strengthen its footprint in the global public sector.
Since its funding round in 2021, Whatfix has achieved remarkable growth, solidifying its position as a leader in the newly established DAP category. The company serves a marquee global clientele, including Arrow Electronics, Schneider Electric, and Avnet, along with partners like Microsoft, Salesforce, Infosys, and Accenture, who trust Whatfix to accelerate ROI on their technology investments. Supporting 80+ Fortune 500 companies, Whatfix registered top-decile performance with a 4.5X increase in annual recurring revenue (ARR) since its 2021 round, with new products contributing 15% of revenue.
Pioneering the concept of “Userization,” Whatfix shifts responsibility to technology, ensuring it adapts to users, not the other way around. By integrating GenAI throughout its product suite, offering digital adoption, product analytics, and application simulation, Whatfix accelerates this user-first approach, building an experience layer across the enterprise software stack. This empowers enterprises to maximize technology ROI while allowing employees to build greater efficiency.
“Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences,” said Khadim Batti, CEO and co-founder of Whatfix. “Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”
As per Gartner’s 2023 Market Guide, 70% of organizations are projected to use DAPs by 2025, highlighting the critical role digital adoption platforms play in driving enterprise success. Leading this transformation, Whatfix has been the top DAP on Deloitte Tech Fast 500™ for three consecutive years and is the only DAP vendor to receive Customer’s Choice in the Gartner Peer Insights 2024 Voice of Customers for DAP report. Additionally, Whatfix is consistently recognized as a market leader in DAP reports from Gartner, Forrester, IDC, and the Everest Group.
“As organizations rapidly adopt an evolving array of AI-enabled technologies, Digital Adoption Platforms (DAPs) have become essential for successfully navigating digital transformation,” said Amy Loomis, Research Vice President, Future of Work at IDC. “DAPs provide valuable insights, empower users to be more agile, and drive significant business outcomes by accelerating application adoption and optimizing workflows. DAPs will evolve to address a broader range of enterprise needs, including AI-specific challenges, solidifying their role as a preferred approach to maximizing software ROI. By 2027, IDC predicts that 80% of G1000 organizations will rely on DAPs to mitigate technical skills shortages.”
Narendra Ostawal, Managing Director, Head of India Private Equity, Warburg Pincus, said, “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation programs, create outstanding user experiences, and empower users to fully leverage software functionalities and enhance productivity. As a partner of choice for top global enterprises across industries, we believe Whatfix has immense potential to capitalize on the tailwinds and solidify its position in the high-growth DAP market. We are delighted to partner with the Whatfix team led by Khadim and Vara, as they steer the company towards its vision and goal.”
Narendra Rathi, Investment Director, from SoftBank Investment Advisers, added, “Since our initial investment in 2021, we are pleased to see Whatfix’s strong growth and sustained innovation. Their role in the digital transformation journeys of Fortune 500 companies is a testament to their customer focus. We are excited to continue backing Khadim and Vara as they enter their next phase of growth.”
“From day one, Whatfix has truly put us, the customer, first,” said Jochen Heidner, Project Manager of Purchasing Systems at Mercedes-Benz and Whatfix customer for the CERTUS CC project. “Their digital adoption platform (DAP) has been instrumental in the CERTUS digital transformation journey, simplifying complex processes and empowering our teams to achieve more. What’s truly remarkable is their exceptional customer support—they’ve been helpful, and genuinely nice and supportive every step of the way.”
Adam P. Burden, Global Innovation Lead from Accenture LLP, said, “Software is more user-centric than ever, and Whatfix is at the forefront of this innovation in user enablement. With Whatfix, you can tailor applications to each user’s workflow, optimize efficiency and create great outcomes. By using Whatfix’s AI-powered product suite—including application simulation, analytics, and digital adoption—our clients can better leverage both their existing and new technology investments. With the capabilities of Whatfix, we’re able to build products where the software serves the user, not the other way around. We look forward to our continued success together.”
Whatfix has been contributing to the industry by developing over 4,100 DAP experts since 2021 and remains committed to cultivating more in the years to come.
About Whatfix
Whatfix is advancing the “userization” of application technology, by empowering companies to maximize the ROI of digital investments across the application lifecycle. Powered by GenAI, Whatfix’s product suite includes a digital adoption platform, simulated application environments for hands-on training, and no-code application analytics. Whatfix enables organizations to drive user productivity, ensure process compliance, and improve user experience of internal and customer-facing applications. With seven offices across the US, India, UK, Germany, Singapore, and Australia, Whatfix supports 700+ enterprises, including 80+ Fortune 500s like Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions, and Genuine Parts Company. Backed by investors such as Warburg Pincus, Softbank Vision Fund 2, Dragoneer, Peak XV Partners, Eight Roads, and Cisco Investments, software clicks with Whatfix. For more information, visit the Whatfix website.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
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Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
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LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.
Expanding Regulatory Reach
The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.
“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU
Strengthening Client Confidence
Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.
By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.
About Doo Group
Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — PayerMax, a leading global provider of payment solutions, has been named Best Payments Solutions Provider of 2024 by MEA Finance magazine at an award ceremony hosted on November 12 in Dubai. The award is a testament of PayerMax’s success in providing exceptional financial technology services to clients in the Middle East and Africa, as well as its leadership position in payment solutions.
The annual MEA Finance Industry Awards recognizes the financial institutions, technology solutions providers, fintech companies, service providers and individuals for exceptional achievements, groundbreaking services and inspirational leadership in delivering innovative products and services.
“We’re very honored to receive the award. It not only recognizes the success of our innovative technologies and regional strategies, but also it is the perfect testimonial of how our team thrives to create superior values for our clients, and we look forward to more cooperation with more partners,” said Wang Hu, co-founder of PayerMax. “Looking ahead, PayerMax remains committed to further strengthening our presence and deepening our efforts in the Middle Eastern market. We will continue to empower more businesses and enhance the digital payment ecosystem across regions, driving value and growth for clients around the world.”
In 2024, PayerMax achieved major milestones in the Middle East market. In alignment with Saudi Arabia’s Vision 2030, PayerMax became the first Asian fintech company to establish a regional headquarters in Riyadh and obtained the Payment Technical Service Provider (PTSP) certification from Saudi Payments on behalf of the Saudi Central Bank (SAMA) in September. This certification allows PayerMax to operate seamlessly within Saudi Arabia’s financial ecosystem, providing merchants across the country with secure, flexible, and efficient payment solutions. The company has also formed partnerships with leading banks such as SAB and Emirates NBD, advancing the digital twin ecosystem while supporting financial inclusion, economic diversification, and an enhanced user experience through digital payments in the region. Furthermore, as the first Asian fintech company to secure the UAE’s payment license, PayerMax is strengthening its presence and expanding operations across the Middle East.
Beyond the Middle East, PayerMax’s achievements in 2024 were globally recognized. In May, PayerMax was awarded the 2024 “Best Payments and Collections Solution” award from The Asset in the prestigious “The Asset Triple A Awards.” With an impressive 95% coverage of mainstream payment methods in emerging markets, PayerMax continues to build on its vision of providing innovative payment solutions worldwide.
PayerMax is committed to providing businesses with one-stop local payment solutions to meet their diverse payment needs. Its extensive network supports a wide range of over 600 payment methods, more than 70 transaction currencies, and over 20 local languages, catering to diverse global user payment preferences. With a vision to drive merchant success on a global scale, PayerMax offers an array of value-added services, including risk management, foreign exchange management, payment marketing (webshop), and finance & tax services, constructing a comprehensive environment for merchants to excel in a competitive global marketplace and handle the intricacies of globalization with ease.
Looking ahead, PayerMax is committed to staying at the forefront of the evolving digital payment landscape. The company will continue to invest in technological innovation and service enhancements to deliver increased value and opportunities to its customers. By doing so, PayerMax aims to empower global business expansion and facilitate the transition to a cashless society. For more information, please visit https://www.payermax.com/.
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