25 July, 2023: CashFlo, India's only integrated Accounts Payables and Supply Chain Financing Platform, today announced the expansion of its product portfolio with the launch of its flagship Payments and Accounts Payables (AP) Automation & Payments product suite. Designed to revolutionize the financial operations of enterprises, this suite leverages Artificial Intelligence (AI) to automate complex tasks such as invoice-to-pay processes, approval workflows, and real-time GST checks, enabling businesses across industries to achieve unrivaled operational excellence.
According to a 2022 survey, only 9% of businesses globally have fully automated their AP function, and even lower in India. This means that the majority still rely on manual processes, causing stress to AP teams and increasing risk of errors, also hindering decision-making, cash flow optimization, and supplier relationships. CashFlo's AP Automation &Payments suite addresses these challenges, revolutionizing corporate finance functions and empowering enterprises to achieve unparalleled operational excellence& stay on top of compliance.
Excited about the positive impact that the product would create, Ankur Bhageria, CEO-Founder, CashFlo, said, “Our aim is to help companies grow by helping finance teams focus on business, instead of transactional processes and worrying about hygiene areas. Unfortunately, in India, there are no strong SaaS businesses in Finance Automation operating at scale, most SaaS solutions focus on western markets. We wanted to build something high quality for India yet make it affordable. We are thrilled to launch our AI-Powered AP Automation & Payments suite, which during its pilot phase reduced processing costs by up to 80% and accelerated financial closure by 3x for large and medium enterprises. We also saw that businesses experienced 95% reductions in payment errors and witnessed improved margins of up to 7%, all while ensuring full compliance with regulatory requirements. Finally Indian enterprises can get access to a product of global standard with state-of-the-art technology without burning a hole in their pockets. Our product is designed to elevate the role of the finance function and make it a strategic partner to organizational teams. On the payments front, we believe this product is a game-changer, bringing the convenience of consumer payments to the business world. We are excited about introducing AI to enterprise finance teams, and the massive impact this can have on businesses across industries.”
Today, the AP software market is rapidly expanding. According to industry reports, it was valued at USD 8.77 Billion in 2020 and is projected to reach USD 17.61 Billion by 2028, growing at a CAGR of 9.1% from2021 to 2028. About two-thirds of finance professionals expect full automation of their AP process by 2025.
Serving over 3,000 customers and a vast network of more than2,00,000 businesses, CashFlo is working towards increasing their customer base by 3x this year. Additionally, CashFlo processes over Rs 18,000+ crore of invoices annually, and their aim is to multiply this by 2x by the end of 2023.The company is growing at 25% month-on-month, and with the launch of the new AI-powered AP and Payments Automation product suite, CashFlo anticipates a growth rate of 150% in the next six months.