Tel Aviv-based Fintastic, which builds the next generation of Financial Planning and Analysis (FP&A) software, has raised $12 million in seed funding. The investment round was led by Group 11 along with participation from Benhamou Global Ventures (BGV), which backed Platform.sh and Flytrex, and additional angel investors, including high-profile operators, and public company CFOs.
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 Melchiorre ex-Anaplan CRO. Fintastic is already trusted by some of today’s fastest-growing companies, such as Lattice, HiBob, Claroty, GlassBox, and others.
World’s first AI-driven Smart Platform
As a part of this investment round, Fintastic has emerged out of stealth mode. Also, 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 organisations’ 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, at all.
“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.
“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,” said Josh Brown, Lattice’s CFO.
What challenge does Fintastic tackle?
During uncertain times, company CEOs turn more and more towards Financial Planning and Analysis (FP&A) to understand the state of their business and the potential paths ahead. Unfortunately, though FP&A software exists since the 1980s, most finance leaders remain glued to spreadsheets and obsolete FP&A software tools. As a result, they spend a lot of time in collecting, cleaning, and consolidating information, rather than mapping out a company’s future.
Fintastic, headquartered in Tel Aviv, was founded in 2021 by Jonathan Einav, Eric Shellef, and Hamutal Anavi Russo, with the ambition to disrupt the corporate performance management market. The founders shared the pain of FP&A leaders and recognised that existing solutions are not enough. They came up with the solution after realising that the entire technological revolution of the last decade has overlooked FP&A.
Fintastic has developed 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 organisation. The goal is to provide a comprehensive operating system for planning and analysis.
Fintastic reinvents FP&A with the first complete FP&A solution that uses probability science and risk-derived planning to give actionable insights and recommendations. It’s the only solution that turns your data and financial model into real business value. It uses advanced AI, which enables state-of-the-art anomaly monitoring, trend detection, and risk-derived planning optimisation powering the world’s first Smart FP&A solution.