Israeli fintech startup Firmbase emerges from stealth with $12m funding

Israeli fintech startup Firmbase emerges from stealth with $12m funding

Published: 23-05-2023 10:18:00 | By: Pie Kamau | hits: 4364 | Tags:

Firmbase, an Israeli finance tech startup, announced it has emerged from stealth, announcing $12 million in funding for its Financial Planning and Analysis (FP&A) platform.

The round was led by S Capital with participation from Meron Capital and a wide group of unicorn startup founders and prominent angel investors, including executives from Google, Amazon and Microsoft. Unlike legacy FP&A tools, Firmbase can be implemented in days, giving businesses instant insights and the power of collaborative planning.

As the tech downturn hits both multinationals and startups, companies are making dramatic moves to keep afloat with their previous hiring sprees turning into mass layoffs and cuts. Advanced budgeting and financial planning, relying on accurate live data, scenario modeling, and robust analysis could have helped avoid this turmoil. However, these tools are hard to implement and operate, leaving relevant data in silos scattered throughout an organization across departments such as finance, HR, sales and R&D.

Tomer Federman, Co-founder and CEO, Firmbase: "Traditional FP&A systems take months and cost a fortune to implement. Plus, these systems are difficult to use and are very inflexible. As a result, most companies are operating in the dark, using manual, error-prone processes and spreadsheets."

Firmbase's easy to use SaaS platform incorporates powerful collaboration and permissions features so all parts of the business can work together to produce the most accurate budgets and financial forecasts. The platform's advanced budget vs. actuals solution enables companies to automatically track their plans against performance, and proactively adjust forecasts on the fly.

Firmbase's software integrates with a company's financial and operational systems to extract live data, like employee headcount and expenses. It provides real-time visibility and together with the platform's modeling engine allows companies to quickly build dynamic budgets and run scenario planning.

Firmbase uses generative AI to simplify financial data, increasing engagement among budget owners, who play a critical role in the planning process. The platform also helps busy CFOs and FP&A teams to increase productivity and save time through natural language formulas, flexible workflows and an intuitive interface.

The company was founded by Tomer Federman (CEO) and Vlad Shumlin (CTO) in 2021. Federman holds an MBA from Stanford University and was previously at Facebook, where he led product strategy and global growth of major ad products. Shumlin is a veteran of Israel Defense Forces' 8200 cyber intelligence unit where he served as an R&D section head. Based in Tel Aviv, Firmbase is trusted by industry leaders, including ControlUp, WSC Sports, Walnut, Axis Security, Similarweb and Yotpo.

Aya Peterburg, Managing Partner, S Capital: "In a challenging financial environment, it's the companies that have meticulously planned for all scenarios that are best able to weather the storm. Working with startups from their earliest days through to IPO, I've seen the struggles they face to obtain and use accurate, real-time financial information for forecasts, planning and even reporting. By bringing FP&A to the masses, Firmbase gives companies a crystal ball, so they can better predict the future."

Tomer Federman added, "The last couple of years emphasize how crucial it is for companies to have strong FP&A capabilities. Modern finance teams are looking to adopt agile planning and continuous forecasting methodologies. We founded Firmbase to make FP&A attainable, collaborative and data-driven, so companies can be better prepared for future scenarios and make quick decisions with confidence."