Tel Aviv, Israel / ACCESSWIRE / October 6, 2022
Fintastic, a startup building the next generation of FP&A software, announced today a $12 million seed fundraising round led by Group 11, with participation from BGV ventures and additional angel investors, including public company CFOs and high-profile operators.
The company is announcing the launch of its full-fledged Smart Product, the world's first AI-driven FP&A system. This tool is designed to support organizations' planning and analysis needs, including real-time actuals data sync with other systems, multiple plans, forecasts and scenarios management, robust models assumption, reports from high-level views to the most granular drill-downs, collaboration and insights - all at scale.
"We're introducing a new approach in the FP&A world. We use probability science and risk derivative planning to provide actionable insights and recommendations that forever will improve the way companies make decisions," said Jonathan Einav, Co-Founder & CEO.
Fintastic, which is headquartered in Tel Aviv, Israel, was founded in 2021 by Jonathan Einav, Co-Founder and CEO, Eric Shellef, Ph.D., Co-Founder and CTO, and Hamutal Anavi Russo, Co-Founder and COO, with the ambition to disrupt the corporate performance management market.
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Fintastic is built based on three main pillars:
- Client flexibility - this is achieved by low code, no code, and automation.
- Closing the gap between planning and analysis - this is achieved by real-time connection to organizational systems and advanced visualizations.
- Deliver insights, not just data - advanced AI enables state-of-the-art anomaly monitoring, trend detection, and risk-derived planning optimization powering the world's first Smart FP&A solution.
They set out to develop an intuitive system that eradicates the outdated practices of static, formula-driven spreadsheets. It's a user-friendly system that requires no courses or training from developers to implement and integrate it into any organization. Ultimately, the goal is to provide a comprehensive operating system for planning and analysis.
"At Group 11, we are always looking for markets within FinTech that are ripe for technological disruption. We have no doubt that the FP&A domain is one of them. It is a manual, inefficient process and a category that is significantly underserved. There are no current solutions that leverage technology to solve this pain," said Dovi Frances, Founding Partner at Group 11. "Fintastic is rebuilding this process from its core, implementing a novel approach supported by actual science that will forever change the way financial planning and analysis is conducted in companies. That's why we are proud to lead Fintastic's financing round."
"As a rapidly growing company, Lattice relies on Financial Planning and Analysis (FP&A) software to play a crucial role in monitoring and maintaining our financial health. Fintastic has become an integral part of our tech stack thanks not only to its flexibility, integrations, and collaboration tools but mainly because of its unique approach to applying data science to financial planning," says Josh Brown, Lattice's CFO.
The company is surrounded by top-notch active contributors like Ken goldman, ex Yahoo & Fortinet CFO, Bryan J. LeBlanc WindRiver & ex-Jive CFO and Paul Malchiolree ex Anaplan CRO.
Fintastic is already trusted by some of today's fastest-growing companies, such as Lattice, HiBob, Claroty, GlassBox, and others.
Contact: omri[at]omrihurwitz.com
