News provided byHubiFi
Aug 06, 2024, 09:00 ET
COLUMBUS, Ohio, Aug. 6, 2024 /PRNewswire/ — HubiFi, an advanced financial intelligence and revenue recognition solution, announced today it has secured $2.5M in a seed funding round co-led by Motivate Ventures, Anthemis (supported by Foxe Capital), and Rev1. Today also marks the launch of HubiFi’s Stripe Connector, enabling enterprise accounting and finance teams to measure revenue to cash with the click of a button.
Founded in 2023, HubiFi supports high-transaction companies’ accounting and finance teams to streamline complex financial data management processes. In today’s competitive business landscape, current financial teams and operators utilize heroics and heuristics to create a comprehensive analysis of revenue and margin performance because the underlying financial data on “profit and loss” (P&L) is never at the level of detail or segmentation needed; obstacles within this process lead to revenue leakage, and margin erosion. HubiFi’s fully automated system allows teams to aggregate and disaggregate by any segment, swiftly identifying operational drivers in their financials and capitalizing on often overlooked opportunities.
With the capital infusion, HubiFi plans to build a foundational team with a focus on product and engineering and add to the team with CPA and accounting expertise. By bolstering its talent base, HubiFi will gain deeper insights into customer needs and optimize the product development roadmap.
Since its inception, HubiFi has bootstrapped and validated its thesis, attracting a customer cohort within the high-transaction enterprise landscape, particularly in digital D2C and insurance.
By 2024, the startup had enough traction and data to clearly demonstrate a significant market gap to its team and investors. With HubiFi’s latest integration with Stripe, the technology manages complex revenue recognition use cases for customers utilizing subscription management, billing, payment, or any of Stripe’s products. In addition, the solution’s partnership with Paystand highlights their complementary strengths, with HubiFi focusing on revenue recognition and analytics while Paystand provides payment solutions without the variable fee model of Stripe.
“Unlike current ‘Revenue Management’ tools on the market, HubiFi is built to handle not just the ‘happy path’ use cases. We actually support mid-stream changes, multiple product lines, backdating, and disputes. said Jason Berwanger, co-founder and CEO of HubiFi. “Accounting and finance teams can rely on our automation, move beyond data management, and focus on improving their businesses.”
“Motivate is proud to be backing Jason and Bill, exceptional people who identified and began solving a simple yet difficult problem pervasive to tens of thousands of businesses,” said David Wieland, Founder and Managing Partner at Motivate VC. “We believe HubiFi is soon to become the next must-have tool for CFOs.”
“HubiFi has consistently demonstrated that existing ERP and General Ledger solutions do not adequately adapt to the needs of high-transaction businesses,” said Amy Nauiokas, Founder and CEO at Anthemis. “We are highly impressed by HubiFi’s proprietary data-mapping capabilities, which allow customers to adopt the technology in just days, swiftly enhancing their business processes.”
For more information, visit HubiFi.
About HubiFi
HubiFi is a finance intelligence and data management platform for built for high-transaction finance and accounting teams. Founded in 2023 by Jason Berwanger and Bill Kaper, HubiFi fully automates accounting and continuous reconciliations, enabling businesses to close an accounting period in hours instead of weeks.
For more information please contact: press@hubifi.com
