Fintech FloQast Secures US$100m in Series E Funding
Fintech accountancy software provider FloQast has announced the successful closure of its Series E funding round, having raised US$100 million.
The round was led by ICONIQ Growth, with Roy Luo, representing ICONIQ Growth, joining FloQast's Board of Directors.
BDT & MSD Partners and World Innovation Lab (WiL) also join as first-time investors, alongside continued participation from Meritech Capital and Sapphire Ventures.
Drivers for change
The significant capital injection from ICONIQ, a renowned investment firm known for backing high-growth technology companies, has pushed FloQast into a US$1.6 billion post-money valuation, marking a significant milestone in the company's trajectory.
FloQast's clientele include industry giants such as Twilio, the Los Angeles Lakers, Zoom and Snowflake, positioning it as an industry leader. With a user base exceeding 2,600 accounting teams, the company has established itself as a go-to solution for modern businesses seeking to streamline their financial operations.
Businesses working with FloQast are encouraged to leverage cutting-edge AI technology, streamlining the month-end close process. By leveraging AI, teams can effectively manage tasks, reduce compliance burdens, maintain audit readiness and enhance accuracy, visibility and collaboration across their financial functions.
FloQast's performance was recently underscored by its top-ranking position in the Winter 2024 report for Financial Close Software by G2. Additionally, in this evaluation, FloQast outranked 25 competitors in financial close software.
"Today’s accounting and finance teams have the opportunity to emerge as drivers of growth and strategic change within their organizations,” says Mike Whitmire, CEO and Co-Founder of FloQast.
“FloQast can be a catalyst for accelerated financial transformation, starting with the automation of routine, repetitive tasks to empower finance and accounting teams to increase efficiency, enhance accuracy, and minimise compliance risks. This funding round will help that transformation become a reality for even more teams around the world.”
Since its founding in 2013, FloQast's Accounting Operations Platform has been adopted by more than 2,600 teams globally.
Fresh funding is set to fuel FloQast's continued research into and development of new solutions designed to improve existing workflows in the office of the controller, as well as short-term and long-term innovations powered by exciting developments in AI.
It will also drive continued growth and global expansion efforts, enabling the company to deliver even greater digital innovation and operational excellence within accounting and finance teams.
“We are excited to continue our partnership with FloQast as it further cements its status as a leading driver of transformation within the accounting and finance industry," adds Roy Luo, General Partner, of ICONIQ Growth.
"FloQast's mature organisational infrastructure, operational excellence and strategic vision for future growth is impressive, as is its remarkable momentum over recent years. The company's recent introduction of innovative solutions and expansion into international markets present significant opportunities, and we look forward to contributing to FloQast's continued success as it enters its next phase of development."
FloQast recently attained US$100m in annual recurring revenue, an historic milestone showcasing robust growth and market leadership over the course of more than a decade of growth. Over the past year, FloQast achieved remarkable success, unveiling an array of accomplishments:
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