Tel Aviv, Israel-based cash-intelligence company for multi-banking global liquidity management, Statement raised USD 12 million in funding. The company announced the investment on October 18, 2023. It also announced the general availability of its platform, thus emerging from stealth mode. Glilot Capital Partners led the financing for the company. Meanwhile, Citi, Mensch Capital Partners, Titan Capital and Operator Partners also joined in the funding.
Purpose of financing for Statement
With the latest financing, the company seeks to expand its operations and its reach.
What the co-founders of the company have to add
Idan Vlodinger, co-founder and CEO of Statement, said, “The office of the CFO has remained largely unchanged for decades. In today’s rapidly evolving financial environment, treasury and finance teams need modern tools that give them a complete picture of their organization’s financial health. Simply put, we provide finance teams with access to real-time data and simplify the process required to make cash flow decisions. We are helping companies cope with volatility, inflation, and FX risks and enabling them to generate meaningful yields.”
In addition, Shahar Lahav, co-founder and CTO of Statement, said, “Each bank and financial service provider has a unique system for accessing financial data, and these systems don’t talk with each other. Connecting these disparate platforms is a hard technological problem, which has stood in the way of efforts to modernize finance operations. At the core of our solution is a robust, scalable, and secure infrastructure that connects and aggregates all the company’s financial data in real-time. This infrastructure lays the foundation for real-time reconciliation, rolling cash flow forecasting, and secure AI database queries. The result is a dramatic improvement in finance teams’ workflows and a fundamental shift in how organizations manage their finances.”
What the investors and other experts have to comment
Hila Vaknin, Treasury Director at Riskified, further said, “Implementing Statement was a breeze, with minimum IT efforts from our team. With the exceptional support from Statement’s success team, we managed to connect all our bank partners into one platform, which helped us to have visibility of our cash position at a glance. We also managed to complete automatic bank information upload to our ERP, which will significantly improve the efficiency levels of our bank reconciliation.”
In addition, Nofar Amikam, General Partner at Glilot Capital Partners, said, “SVB’s downfall and the latest events in the global banking ecosystem made ‘Real-Time Banking Visibility and Control’ a clear must-have. Being able to instantly view all of your bank accounts and react in real-time is essential for an organization’s continuous healthy financial management, not to mention its ability to survive an unexpected crisis.”
Besides, Imri Tsidon, Senior Financial Controller at Mixtiles, said, “Statement has truly transformed our financial reporting. By eliminating the need to navigate multiple banking portals, we now have instant access to our cash position in real-time. This has been particularly beneficial for our B2C business, where we process thousands of transactions daily. What sets Statement apart is its promise of no IT effort required; it delivers on that promise with ease”.
Moreover, Tomer Amitai, CFO at Natural Intelligence, said, “Accurate, up-to-date financial data is crucial for informed decision-making, particularly with respect to cash and liquidity management. Using Statement as our single source of truth across our entire banking infrastructure ensures real-time, accurate and reliable information to achieve just that. This is of critical importance, particularly at these volatile times in the markets and the banking sector specifically.”
About the company
Idan Vlodinger (CEO) and Shahar Lahav (CTO) launched the company in 2022. Statement is compatible with more than 3,000 banks. It also seamlessly integrates with ERP and accounting software, such as NetSuite, Oracle Cloud and Microsoft Dynamics, payment service providers, including PayPal and Stripe, and common business tools like Google Sheets.
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