VC fundraising for financial management software companies
Financial management software is one of the more readable categories for SaaS investors. The 2021-22 reset settled into a market where capital concentrates in operators with clean retention, credible payback and disciplined expansion economics. Embedded financial services revenue is now valued separately from software ARR rather than blended into it.
Investors are SaaS-specialist seed and growth funds, fintech-fluent investors focused on the embedded financial services side, and corporate venture arms attached to the major accounting and finance platforms - Intuit Ventures and similar arms invest in adjacent financial software. Flow has direct relationships across the SaaS specialists, fintech investors and the finance-software CVCs that back the category.
Flow has experience running VC fundraising processes for financial management software companies across accounting and bookkeeping, FP&A and CPM, spend management, AP automation and corporate cards, treasury and cash management, and tax and compliance. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Financial management software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Net retention
Gross retention
Active customers
ARPU
Module attach
CAC payback
Embedded payments revenue
Gross margin
Rule of 40
Financial management software valuations in May 2026
Public financial management software comps trade at 3.0x EV/Revenue. Median revenue multiple across financial management software VC rounds was 10x in the last 12 months.
3.0x
Median EV/Revenue as of May 2026 for public financial management software companies
4.7x
SAP is the highest valued public financial management software company based on EV/Revenue (excluding outliers)
7.9x
Median EV/Revenue across financial management software M&A deals in the last 12 months
10x
Median EV/Revenue across financial management software VC rounds in the last 12 months
Key recent financial management software VC rounds
$385M Series E raised by Vestwell was the largest financial management software VC round completed in the last six months.
See all financial management software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Vestwell |  | Vestwell is a New York-headquartered financial technology platform delivering workplace savings solutions including 401(k), 403(b), IRA, 529 education, emergency, and ABLE accounts. Established in 2016, it integrates with payroll providers such as ADP and Paychex to streamline enrollment and administration for employers nationwide. The API-based system supports student loan repayment benefits and serves financial advisors, institutions, and government agencies, powering accounts for businesses across the United States with a focus on accessibility for retirement, education, healthcare, and disability savings. | Blue Owl Capital Corp.Putnam Premier IT+6 | $385M | $2.0B | Series E | |
Jan-26 | Pennylane |  | Pennylane is a cloud-based financial operations platform automating accounting, invoicing, and expense management for European SMEs. Paris-headquartered since 2019, it integrates bank feeds, payroll, and tax compliance tools from providers like Stripe and Qonto, serving over 200,000 businesses across France. | BlackstoneCapitalG+4 | $207M | $4.3B | Series E | |
Feb-26 | Basis | | Basis is a San Francisco-based developer of AI agents that automate accounting workflows for finance professionals. The agents connect to ERP systems like QuickBooks and NetSuite, handling tasks such as reconciliation, invoicing, and reporting while adapting to firm-specific processes in audit and tax services. | Aaron LevieAccel+10 | $100M | $1.1B | Series B | |
Feb-26 | Accrual | | Accrual is a San Francisco-headquartered platform modernizing back-office operations for accounting firms through automation of client onboarding, document management, and compliance workflows. It integrates with QuickBooks and Xero for mid-sized practices handling U.S. tax filings. | Edward Jones VenturesGeneral Catalyst+2 | $75M | - | Series A | |
Jan-26 | Datarails | | - | ClalTechInnovation Endeavors+6 | $70M | $550M | Series C | |
Mar-26 | Nitra | | Nitra is a fintech platform designed for healthcare providers that streamlines financial operations through its Visa Business Card and integrated payment management tools. Based in New York City, the company founded in 2020 offers spend analytics, receipt reconciliation, and rewards on purchases from medical suppliers and partners like Medline and Cardinal Health. Nitra's dashboard provides real-time visibility into practice expenses, helping independent clinics and group practices in the United States optimize cash flow and reduce administrative burdens. | Andreessen HorowitzNew Enterprise Associates+10 | $50M | - | Series B | |
Mar-26 | Cryptio | | Cryptio is a Paris-headquartered SaaS platform for crypto accounting and reconciliation. Founded in 2018, it automates bookkeeping for 500 enterprises handling $100 billion in annual volume. The tool ingests data from 300 exchanges and DeFi protocols like Uniswap, generating GAAP-compliant reports. Cryptio integrates with QuickBooks and NetSuite for treasury management. | 1kxAlven+5 | $45M | - | Series B | |
May-26 | Embat |  | Embat is a Madrid-headquartered treasury management platform serving mid-sized and large enterprises across Europe. The service provides real-time cash visibility, automated bank reconciliations, and AI-driven analysis through its TellMe tool, which detects anomalies and forecasts cash flows. Operating in Spain, Germany, and the United Kingdom since 2021, it centralizes payments, liquidity tracking, and forecasting to reduce manual finance tasks by up to 75 percent. | 4Founders CapitalCathay Innovation+3 | $35M | - | Series B | |
Feb-26 | SPRX Technologies | | SPRX Technologies is a New York-based AI tax incentive platform automating claims for R&D Tax Credits, 179D Deductions, and Cost Segregation studies. Founded in 2022, the company reduces processing from 270 days to 28 days at 30 to 50 percent lower costs while identifying up to 20 percent more credits. SPRX partners with accounting firms and serves SMBs alongside Fortune 1000 companies across industries through sprx.tax. | ADP VenturesFPV Ventures+3 | $31M | - | Series B | |
Mar-26 | Translucent AI | | Translucent AI is a developer of AI platforms for healthcare financial management, automating reporting and consolidating revenue cycle data from EHR and billing systems. The San Francisco-based system delivers dashboards for multi-site operators, ensuring HIPAA compliance. Launched recently, it serves behavioral health and hospital networks. | FPV VenturesGV+2 | $27M | - | Series A | |
Apr-26 | Monk | | Monk is a SaaS accounts receivable automation platform for finance teams. The service automates collections workflows with structured follow-up sequences and integrates with accounting and payment systems. Companies gain visibility into receivables, real-time payment tracking, and performance insights to speed cash flow. | Acrew CapitalBetter Tomorrow Ventures+1 | $25M | - | Series A | |
Mar-26 | Avtal | | Avtal is a communications technology company. Receivables management, omnichannel outreach, and payment portals form core offerings. | NJP VenturesS3 Ventures | $24M | - | Series A | |
Mar-26 | Condor Software | | Condor Software is a financial management platform for biopharma clinical development. It integrates financial intelligence, automation, and industry expertise to optimize budgeting, forecasting, and workflows. Headquartered in the United States, the company accelerates drug development timelines via condorsoftware.com. | 645 VenturesBramalea Partners+5 | $24M | - | Series A | |
Feb-26 | Stacks |  | Stacks is an AI-powered workspace automating financial close processes for accounting teams. It reduces cycle times and errors by integrating with ERP systems like NetSuite and QuickBooks for reconciliations and reporting. | EQT VenturesGeneral Catalyst+2 | $23M | - | Series A | |
Jan-26 | Biller Genie | | Biller Genie is a cloud-based accounts receivable platform designed for small and mid-sized businesses in the United States. It automates bill presentment, payment reminders, collections, and reconciliations without disrupting existing workflows. The service integrates with popular accounting software like QuickBooks to streamline cash flow management for service providers and retailers. | Radian Capital | $22M | - | Series B |
VC investors active in financial management software
Y Combinator is the most active VC investor across financial management software, having invested in 67 startups in the last three years.
See all financial management software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | FazeshiftCifratoEnd Close+2 | 67 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | SoBanHang (Finan Pte. Ltd.)Galdera LabsMysa+2 | 21 | Pre-seed | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | NumosStacksAccrual+2 | 16 | Series A | |
Better Tomorrow Ventures | | Better Tomorrow Ventures is a San Francisco-based venture capital firm that invests in early-stage fintech companies. The firm backs startups developing financial infrastructure, payments, and banking-as-a-service solutions. Its portfolio features companies such as Ramp, Mercury, and Modern Treasury. Partners with deep experience from Stripe lead investments typically ranging from seed to Series A stages. The firm operates from offices in San Francisco and New York, focusing exclusively on the fintech sector since its inception in 2020. | MonkBasisInScope+2 | 14 | Seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | The BeansInvestrioXtreme Solution+2 | 14 | Pre-seed | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | InScopeStacksRamp+2 | 13 | Series A | |
Khosla Ventures | | Khosla Ventures is a Menlo Park-headquartered venture capital firm investing in early-stage companies across AI, climate technologies, digital health, and enterprise software. Founded in 2004 by Vinod Khosla, it has backed over 1,000 startups including DoorDash, Square, and Impossible Foods, managing more than $15 billion in assets committed. | BasisFormulary FinancialStuut+2 | 12 | Series A | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | AtlasBasisQuanta+2 | 11 | Series A | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | NitraConcourseSequence+2 | 10 | Series A | |
Sequoia Capital | | Sequoia Capital is a venture capital firm headquartered in Menlo Park, California, with operations in the United States, China, India, and Southeast Asia. Founded in 1972, it invests in seed through growth-stage companies across sectors like consumer internet, enterprise software, healthcare, and semiconductors. The firm has backed transformative businesses including Apple, Google, WhatsApp, Airbnb, Stripe, NVIDIA, and DoorDash, achieving landmark returns from initial public offerings and acquisitions. Sequoia Capital maintains separate funds for U.S., China, and India ecosystems, supporting founders in building enduring technology leaders. | PennylaneInfracostRillet+2 | 9 | Seed |
Founders and investors we've worked with
We've supported winning builders across financial management software and beyond.
sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
See more
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
See more
Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See more
Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
See more
Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
See moreRecent VC fundraising track record
See our VC fundraising experience across financial management software and beyond.
Explore our VC fundraising offering for similar verticals
We're a specialized fundraising advisor to software companies.
Our VC fundraising experience spans across all software verticals.
Explore other sectors
We know tech inside & out.
We provide capital raising advisory services to companies operating across the entire tech.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO for financial management software companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A for financial management software companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO