# Functional Finance

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/functional-finance

- Industry: Financial Services
- Headquarters: San Francisco, US
- Website: www.functionalfi.com
- Total disclosed funding: $24M
- Latest round: Series A (Sep 19, 2024)
- Investors on record: 5

## About

Founded in 2021 by its CEO, Rashmi Melgiri, and CTO, Tony DeGangi, and based in California, US, Functional Finance, Inc., operates as a developer of a financial software platform that provides digital financial services such as payments and accounting automation solutions. n September 2024, Functional Finance, Inc. raised USD 20 million in series A funding led by returning investor Walkabout Ventures, with participation from new investor Munich Re Ventures. An individual investor also participated in the round. As of 2023, the company has a client base that includes companies like Cover Whale, Boundless Rider, and Frontier Risk.

Functional Finance offers various financial services that include billing and invoicing automation solutions that help users create pay plans like direct bill, agency bill, mortgage bill, and premium finance.

The company also provides an integration platform that integrates with various accounting systems to offer payment reminder solutions through autopay and email reminders and automatic reconciliation on invoices and policies.

The company plans to use the September 2024 funding o expand its team and support the development of its platform.

## Funding rounds

- Series A, Sep 19, 2024, $20M — Munich Re Ventures, Walkabout Ventures
- Seed, Jul 12, 2022, $4M — New Enterprise Associates, C.V. Starr, Walkabout Ventures, Altai Ventures

## Investors

- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Seed
- C.V. Starr — Seed
- Walkabout Ventures (https://capitalatlas.ai/funds/walkabout-ventures) — Seed, Series A
- Altai Ventures (https://capitalatlas.ai/funds/altai-ventures) — Seed
- Munich Re Ventures (https://capitalatlas.ai/funds/munich-re-ventures) — Series A