Neofin, the Sao Paulo-based startup that is in accounts receivable solutions, said it had secured a successful close of $7 million in its seed funding. The seed round was led by prominent venture capital firms Quona and Upload Ventures, as if to state high investor confidence in Neofin’s approach toward financial technology.

Neofin – a company co-founded by Laura Camargo (CEO)  ,Arthur Cunha , and Leandro Sarmento in 2023. The main professionals contributing to this innovative company deliver experience in finance, technology, and business development. 

Together, they are working towards reshaping the traditional accounts receivable process in Brazil. This will be achieved by using artificial intelligence and automation. Thus, an efficient workflow based on data might be established.

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Innovative Platform Features

Neofin’s flagship offering, the AI-powered Software-as-a-Service (SaaS) platform, streamlines accounts receivable workflows. The platform is natively integrated with the major Enterprise Resource Planning systems and banks in Brazil, thus enabling finance teams to automate and customize accounts receivable processes. Key features of the platform include:

• Automated Accounts Receivable Workflow: It features a workflow which is customizable for automatic debtor segmentation to provide proper communication strategy with every debtor.
• Portal for Renegotiation: An easy-to-use portal to manage efficient renegotiations between the company and debtors with an intention to recover debts in the most optimal way with minimum deterioration in the relationship.
• Accounts Receivable CRM-A specialized Customer Relationship Management system built specifically for accounts receivable with a comprehensive range of tools designed to manage the interaction with the debtor and status tracking of the payment.
• AI-Based Communication Integration: The software is going to integrate an AI-based Large Language Model (LLM) combined with WhatsApp so that intelligent communication and personalized debtor interaction can be established with the debtors individually and corporately. 

Read also: Berlin-based fintech startup Tapline raised €20M led by Karim Beshara

Strategic Alliances

To improve service offerings, Neofin recently partnered with the leading credit bureau in Brazil-Serasa-to provide Neofin’s customers with direct credit analysis data and bureau reporting to the platform and empower businesses in making informed decisions about their accounts receivable process. FINSMES.COM
Investor Confidence and Market Potential

The successful seed funding round of $7 million underlines the confidence that investors have in Neofin’s business model and its potential to disrupt the accounts receivable landscape in Brazil. The participation of leading venture capital firms such as Quona and Upload Ventures, along with other notable investors including 17-Sigma, 1616, Far Out Ventures, BFF, Norte, and Canaan, highlights the significant market opportunity that Neofin is poised to capture. 

Additionally, angel investors like Cesar Carvalho (Wellhub/Gympass) and Patrick Sigrist (iFood and Nomad) bring valuable expertise and networks to support Neofin’s growth trajectory. 

Future Outlook

The injection of the new capital shall stand Neofin in good stead as it will be able to hasten the development of its platform and expand market presence. Its strategy is to improve its existing and introduce new functionalities aimed at catering to the emerging needs of businesses in managing their accounts receivable process. It will do all these through the exploitation of artificial intelligence and a strategic network.