US-based enterprise financial management platform HighRadius has received $50m in funding from Susquehanna Growth Equity (SGE), the late-stage investment subsidiary of quantitative trading firm Susquehanna International Group.
Founded in 2006, HighRadius operates a cloud-based platform that uses artificial intelligence and machine learning technology to optimise a company’s cashflow by automating account management functions such as electronic billing, payment processing and deductions.
The company will use the cash to accelerate its growth, with the aim of signing up thousands of clients and expanding internationally. It is currently active in the UK and has a regional presence in Asia.
HighRadius has also set its sights on the business-to-business payments sector, which it sees as underserved despite it being some five times larger than the business-to-consumer market.
Amir Goldman, founder and managing director of Susquehanna Growth Equity, and Ben Weinberg, director at SGE, will join the board of directors. HighRadius had been bootstrapped up until this point.