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Klarity lands $18m Series A to Expand Its Document Automation Platform for Finance and Accounting

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Klarity, the AI platform that turns documents into structured data and frees humans from painful and voluminous document review, announces $18M in Series A funding led by Tola Capital with participation from new and existing investors. With 5x growth over the past three quarters, the company continues to scale and meet the needs of midmarket and enterprise finance and accounting teams. Klarity will invest this round of capital to grow its engineering and Go-To-Market teams to deliver the world’s first fully-automated document processing and management platform for finance and accounting teams for midmarket and enterprise companies. Sheila Gulati, the Managing Director and Founder of Tola Capital will be joining the board of directors.

New investors include:

  • Tola Capital
  • Invus Opportunities
  • Dave Sipes, CEO of 8×8; Sam Wilson, CFO of 8×8 and Germaine Cota, CAO of 8×8 and Klarity customer
  • Tony Tiscornia, CFO of Coupa and Klarity customer
  • Daniel Dines, founder and CEO of UiPath, Brandon Deer, VP of Operations and Strategy of UiPath and Dylan Reider of Crew Capital
  • Douglas Solomon, former General Counsel, and Ron Gill, former CFO, NetSuite
  • Brad Lightcap, CFO; Jeanine Korovesis, Controller; Jason Kwon, General Counsel, OpenAI

Existing investors following on, include: Elad GilDaniel GrossNat Friedman and Picus Capital

Klarity was founded by Harvard Law and MIT graduates, Ondrej Antos and Nischal Nadhamuni. Since launching its flagship product, Klarity has grown its enterprise customer base from zero to 39 in a single year – a group that includes some of the most innovative and well-known software companies in the world. As the company has grown, so too has customer demand for new features and capabilities. With this significant cash infusion, Klarity will deliver further capability to midmarket and enterprise customers.

“This funding round represents a huge leap forward for Klarity and its customers, and a resounding vote of confidence for our platform. We are thrilled to welcome new investors onboard, and incredibly proud that our existing investors not only participated in this round but grew their investments exponentially,” said Ondrej Antos, CEO and co-founder of Klarity. “We’re excited to invest heavily in building a unique community for revenue accounting professionals, supporting our existing customers and continuing growing at an exponential pace,” added Ondrej Antos.

“What distinguishes Klarity from the competition is that our document intelligence platform is by far the most accurate in the world. Now, we’ll be able to increase our investment into our Artificial Intelligence platform and further solidify our position as a leader in document intelligence,” said Nischal Nadhamuni, CTO and Co-founder of Klarity.

Most organizations rely on a painful, repetitive, manual review process to glean mission-critical information from documents needed for order processing, billing and revenue recognition. Klarity’s platform automates these processes to eliminate the need for manual review, which frees highly skilled professionals from the most cumbersome parts of their jobs. Klarity’s platform was built over four years leveraging cutting-edge Natural Language Processing, Computer Vision and general Machine Learning techniques to understand documents to the same degree as a human.

Today, the vast majority of enterprises don’t even realize there is a technological solution to this omnipresent problem. This additional funding will allow Klarity to build and scale sales and marketing to help reach and educate the countless enterprises positioned to immediately benefit from Klarity’s one-of-a-kind platform. “Revenue recognition and compliance with ASC 606 is both essential and presents pervasive challenges in terms of human capital requirements and human error. Not only does Klarity solve this problem of transforming documents to structured data, they have done it in a way that is automated, removes the risk of mistakes, and provides an audit trail,” said Jake Nibley, Vice President, Tola Capital. “We are delighted to be partnering with Klarity to build an enduring, AI-powered document processing platform.”

Klarity has eliminated painful, resource-intensive manual document review for some of the highest-growth SaaS companies across midmarket and enterprise like Coupa and 8×8.

During the first year of its existence, Klarity processed over 144,000 documents for its customers, increasing compliance and saving more than 35,000 human-hours in document review for finance and accounting teams at private and public companies.

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“Klarity came in and quickly helped us cure one of our most challenging headaches with technology that simply didn’t exist prior. As a customer, the peace of mind Klarity delivers is extremely valuable,” said Tony Tiscornia, CFO of Coupa. “We are proud to accompany this incredible founding team on its continued journey, and look forward with great anticipation to what they have in store.”

Fintech

Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)

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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.

Chime’s Quiet Step Toward Public Markets

Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.

With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.

Source: Bloomberg

ZBD’s Pioneering Achievement: EU MiCA License Approval

ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.

MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.

Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.

Source: Coindesk, PR Newswire

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The Fintech-Credit Union Synergy: A Blueprint for Innovation

The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.

This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.

Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.

Source: PYMNTS

Tackling Student Loan Debt: A Fintech’s Mission

Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.

The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.

As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.

Source: RBJ

Industry Implications and Takeaways

Today’s updates underscore several key themes shaping the fintech landscape:

  1. Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
  2. Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
  3. Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
  4. Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.

 

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SPAYZ.io prepares for iFX EXPO Dubai 2025

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Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.

SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.

Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.

“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”

Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.

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Airtm Enhances Its Board of Directors with Two Strategic Appointments

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Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.

“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”

Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.

Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.

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