US-based fintech start-up Affiniti has secured a $17 million Series A funding round led by Californian venture capital firm SignalFire, as reported by TechCrunch.
TechCrunch reports that the round also included participation from Contrarian Thinking Capital as well as angels Yahya Mokhtarzada, founder of Rocket Money (formerly TrueBill), and Austin Rief, founder of Morning Brew.
Founded in 2022 by Aaron Bai and Sahil Phadnis, Affiniti provides small and medium-sized enterprises (SMEs) with a credit card offering issued by Patriot Bank and a spend management platform featuring detailed financial reporting and vendor discounts.
Leveraging specialised underwriting models tailored to different industries, the company claims it has added 1,800 customers since inception and currently handles approximately $20 million in monthly transaction volume.
The cash injection builds on Affiniti’s $11 million seed round bagged in November, with backing from Indicator Ventures, RiverPark Ventures, and Lightshed Ventures. Complementing its seed equity financing, Affiniti also secured a $15 million debt facility with options to expand to $50 million.
As reported by TechCrunch, the fresh capital has been earmarked to fuel the development of new features, including bill payment capabilities, cash flow analytics, and banking services, with the company also looking to enable integrations with additional software platforms, including point-of-sale and enterprise resource planning applications.
Source: https://www.fintechfutures.com/
