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India cloud player HighRadius secures $50m

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HighRadius, a US and India-based financial technology company focused on cloud computing services, has received $50 million from Susquehanna Growth Equity for a global expansion.

Founded in 2006, HighRadius offers software products based on artificial technology that automate accounts receivable operations, including credit, collections, cash applications, deductions and payments. Clients include Johnson & Johnson, Procter & Gamble and Starbucks.

The investment represents the company's first round of outside funding. It is expected to leverage a gap in receivables technology support for the business-to-business market, which is said to be five times larger than the business-to-customer market.

"Integrated receivables is an $11 billion market in the early stages of adoption," Amir Goldman, founder and managing director of Susquehanna, said in a statement. "HighRadius is the clear leader in receivables-focused SaaS [software-as-a-service] solutions for large enterprises and the only cloud-based platform that covers the full range of functions and processes."

Susquehanna invests in growth-stage companies in software, information services, IT and fintech segments. The firm claims to have invested more than 40 companies during the past 10 years, and has portfolio companies across the US, Canada, Europe and Israel. 

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