About Functional Finance
Functional Finance is a company based in Benton (United States) founded in 2018 by Tony DeGangi and Rashmi Melgiri. Functional Finance has raised $28 million across 2 funding rounds from investors including Munich Re, Starr Companies and Walkabout Ventures. Functional Finance offers products and services including Financial Operations Platform, Dashboard, and Partner Portal. Functional Finance operates in a competitive market with competitors including InsurePay, SCIO Health Analytics, Ascend, Diesta and VPay, among others.
- Headquarter Benton, United States
- Founders Tony DeGangi, Rashmi Melgiri
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Sectors
Financial Services
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Phone
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Website
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Social
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Annual Revenue
Not available
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Net Profit
Not available
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EBITDA
Not available
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Total Equity Funding
$28 M (USD)
in 2 rounds
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Latest Funding Round
$20 M (USD), Series A
May 17, 2024
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Investors
Munich Re
& 4 more
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Employee Count
Not available
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Products & Services of Functional Finance
Functional Finance offers a comprehensive portfolio of products and services, including Financial Operations Platform, Dashboard, and Partner Portal.
Automates billing, invoicing, and reconciliation for insurance operations.
Provides real-time data visibility for financial performance tracking.
Facilitates secure access for distribution partners to manage transactions.
People of Functional Finance
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Funding Insights of Functional Finance
Functional Finance has successfully raised a total of $28M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $20 million completed in May 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
Investors in Functional Finance
Functional Finance has secured backing from 5 investors, including venture fund and institutional investors. Prominent investors backing the company include Munich Re, Starr Companies and Walkabout Ventures.
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Walkabout Ventures is focused on seed investments in financial startups.
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Venture capital investments are offered to startups by NEA.
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Altai Ventures is engaged in venture capital investments.
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Investor details for Functional Finance
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Investments & Acquisitions by Functional Finance
Investment portfolio details for Functional Finance
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Financial Statements - Functional Finance
Detailed financials for Functional Finance
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Functional Finance Comparisons
Peer comparison for Functional Finance
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Competitors of Functional Finance
Functional Finance operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as InsurePay, SCIO Health Analytics, Ascend, Diesta and VPay, among others.
| Company Name | Domain | Founded year | HQ Location | Description |
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Cloud-based payroll integration is provided for insurance premium collection.
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Provides payment integrity solutions for healthcare organizations
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Online insurance payments and premium financing are enabled for businesses.
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Payment software for flow of funds in the insurance industry
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Payment solutions provider for insurers
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Detailed competitors of Functional Finance
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Latest news on Functional Finance
Complete news archive for Functional Finance
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Frequently Asked Questions about Functional Finance
Functional Finance was founded in 2018 and raised its 1st funding round 5 years after it was founded.
Functional Finance is headquartered in Benton, United States. It is registered at Benton, Arkansas, United States.
Rashmi Melgiri is the current CEO of Functional Finance. They have also founded this company.
Functional Finance is a funded company, having raised a total of $28M across 2 funding rounds to date.
Functional Finance was founded in 2018 and is headquartered in Benton, United States. An online payment platform is operated by the company to support insurance firms with transaction processing and financial operations. Services focus on secure, efficient payment handling within the insurance sector. Leadership is provided by co-founders Rashmi Melgiri, serving as CEO, and Tony DeGangi, as CTO. The platform addresses key needs in fintech for insurance workflows.
Functional Finance's top competitors include Ascend, Diesta and SCIO Health Analytics.
Functional Finance offers Financial Operations Platform, Dashboard, and Partner Portal.
Functional Finance has 5 investors. Key investors include Munich Re, Starr Companies, Walkabout Ventures, NEA, and Altai Ventures.