Tech

Zeni expands US operations with $13.5m funding

The group is forecasted to process a total of $1bn in transactions over the coming year

Zeni, an AI bookkeeping, accounting, tax, and CFO services provider, has extended its services to businesses across the US via a $13.5m funding round.

The firm raised its funds through a Series A investment round led by Saama Capital, with a number of individuals and venture capital businesses also participating.

In turn, Zeni will now provide the first AI-powered finance concierge for startups to support a range of services, including but not limited to bill pay and invoicing, payroll administration, and monthly financial statements.

Swapnil Shinde, co-founder and CEO at the company, said: “Startup founders are flying blind daily because they don’t have access to a timely, accurate snapshot of their business finances.

“We’re giving founders and startup decision makers real-time visibility, control, and expert support with a finance solution that can finally keep pace with their growing business.”

Onboarding its first paid customers in January 2020, Zeni now manages over $200m of funds each month.

Operating with more than 100 startup customers, the brand is reportedly on track to process a total of $1bn in transactions over the coming year.

Ash Lilani, managing partner at Saama Capital, said: “Bookkeeping automation is a $10bn market opportunity begging for a solution that can optimize human output and meet the needs of growing businesses.

“When Swapnil and Snehal said they wanted to challenge the fragmented, complex bookkeeping solutions on the market today, we knew they were the team to do it.”

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