Privately-held software company HighRadius is paving the path to an initial public offering, scooping up some big-name clients and high-profile partners along the way.
The fintech has developed Integrated Receivables, a credit-to-cash platform that aims to simplify the sometimes time-intensive and costly accounts receivable process with solutions for credit, collections, deductions, cash application, electronic billing, and payment processing.
“Our customers see, in many cases, north of 90% straight-through processing, which means that 90% of those invoices are auto-cleared, auto-reconciled without human intervention, which just reduces the amount of time and staff required to do that,” said Urvish Vashi, vice president of global marketing, in an interview with Proactive Investors.
The cost-cutting service has attracted clients such as Walmart Inc (NYSE:WMT), Adidas, 3M Company (NYSE:MMM) and Starbucks Corporation (NASDAQ:SBUX).
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In July, the Texas-based SaaS company announced that it partnered with Citigroup Inc’s (NYSE:C) Treasury and Trade Solution division to launch Citi Smart Match, a cash app powered by artificial intelligence and machine learning technology.
HighRadius said it has been self-sustaining through its own growth but recently raised US$50mln to fund its expansion.
“The company has been near doubling every year for the last several years and so we think that if we keep that trajectory up, there’s no reason why we don’t think that this would be a valuable asset in the public market,” said Vashi.
The fintech said it could see itself being “IPO-ready” within the next few years.