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
-
Sectors
Financial Services
-
Phone
*********
-
Website
*********
-
Social
*********
-
Annual Revenue
-
Net Profit
-
EBITDA
-
Total Equity Funding
$28 M (USD)
in 2 rounds
-
Latest Funding Round
$20 M (USD), Series A
May 17, 2024
-
Investors
Munich Re
& 4 more
-
Employee Count
Employee Count
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Products & Services of Functional Finance
Functional Finance offers a comprehensive portfolio of products and services, including Financial Operations Platform, Dashboard, and Partner Portal. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
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.
Unlock access to complete
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.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series A — $20.0M
-
First Round
First Round
(08 Jul 2023)
- Investors Count 5
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2024 | Amount | Series A - Functional Finance | Valuation | Walkabout Ventures | |
| Jul, 2023 | Amount | Seed - Functional Finance | Valuation | New Enterprise Associates , Walkabout Ventures |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Walkabout Ventures is focused on seed investments in financial startups.
|
Founded Year | Domain | Location | |
|
Venture capital investments are offered to startups by NEA.
|
Founded Year | Domain | Location | |
|
Altai Ventures is engaged in venture capital investments.
|
Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
|
Founded Year | Domain | Location | |
|
Startup ecosystems are ignited through strategic investments by Signite Partners.
|
Founded Year | Domain | Location | |
|
Venture capital is directed toward companies in multiple sectors.
|
Founded Year | Domain | Location | |
|
Venture capital is invested in cybersecurity, fintech, and AI startups.
|
Founded Year | Domain | Location |
Investments & Acquisitions by Functional Finance
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
|
Bionic investment advisor platform
|
2016 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 |
Financial Statements - Functional Finance
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Functional Finance Comparisons
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. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Cloud-based payroll integration is provided for insurance premium collection.
|
|
| domain | founded_year | HQ Location |
Provides payment integrity solutions for healthcare organizations
|
|
| domain | founded_year | HQ Location |
Online insurance payments and premium financing are enabled for businesses.
|
|
| domain | founded_year | HQ Location |
Payment software for flow of funds in the insurance industry
|
|
| domain | founded_year | HQ Location |
Payment solutions provider for insurers
|
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
|
|
| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
|
|
| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
|
|
| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
|
Latest news on Functional Finance
Frequently Asked Questions about Functional Finance
When was Functional Finance founded?
Functional Finance was founded in 2018 and raised its 1st funding round 5 years after it was founded.
Where is Functional Finance located?
Functional Finance is headquartered in Benton, United States. It is registered at Benton, Arkansas, United States.
Who is the current CEO of Functional Finance?
Rashmi Melgiri is the current CEO of Functional Finance. They have also founded this company.
Is Functional Finance a funded company?
Functional Finance is a funded company, having raised a total of $28M across 2 funding rounds to date. The company's 1st funding round was a Seed of $8M, raised on Jul 08, 2023.
What does Functional Finance do?
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.
Who are the top competitors of Functional Finance?
Functional Finance's top competitors include Ascend, Diesta and SCIO Health Analytics.
What products or services does Functional Finance offer?
Functional Finance offers Financial Operations Platform, Dashboard, and Partner Portal.
Who are Functional Finance's investors?
Functional Finance has 5 investors. Key investors include Munich Re, Starr Companies, Walkabout Ventures, NEA, and Altai Ventures.
Book a demo & talk to our team
Share a few details and we’ll reach out to schedule a session.