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AI-powered finance automation and cash flow management platform ZenStatement on Wednesday said that it had raised $1.62 million in a seed funding round led by 3One4 Capital and Boldcap VC. 

The funding round also saw participation from Dynamis Ventures and Atrium Angels.

ZenStatement is backed by Apple’s ex-Global Treasury Head Michael Boyd, EatFit founder Ankit Nagori, and Zetwerk’s founder Ankit Fatehpuria, among others. 

The company’s commercial engine helps businesses easily monitor, optimize, reconcile, and forecast their cash flows while providing valuable financial insights through AI-driven natural language queries.

With the newly raised funds, the company aims to expand its product offerings and build a sales and marketing engine to expand its presence in India and international markets. 

“Our current offering is limited to about a couple of modules. We want to invest majorly on expanding the product platform to the other finance functions around the AP, financial planning, etc,” Co-founder Sourabh Nolkha told YourStory.

ZenStatement is also looking to branch into developing markets like Southeast Asia and LATAM. Nolkha added that the company has also onboarded several angel investors with a good presence in the US and UK services sector, which they hope to leverage. However, it is still too early to confirm, he added.

The company, founded in September 2023 by Nolkha and Ankit Narsaria, already handles about 10 million monthly transactions in just 12 months of operations, according to a statement. Nolkha previously was the Finance Controller and Core Team Member at Mensa Brands and Narsaria has worked with ShopUp and Juspay.

The company has three revenue sources, including a one-time fee levied on customised implementation of its product, a recurring revenue model on the continuous data integration side and a fee on every transaction processed on its platform. 

“Reconciliation is a surprisingly hard problem to solve and businesses often tend to put some brittle solutions in place for the lack of viable alternatives, and a great starting point for a product like ZenStatement. Sourabh and Ankit bring domain knowledge and customer empathy to a crucial business function and have already made a mark in the one year that they’ve been around. We are excited to support ZenStatement as they scale and drive impact in the industry,” said Sonal Saldanha, Vice President, Investments at 3one4 Capital in a statement.