Nilus lands $8.5M to automate financial operations for companies
The founders believe companies are working with out-of-date financial workflows
Financial flow is becoming an increasingly challenging task, particularly in the light of the increase in digital payments. When companies that handle customer payments expand into new markets, release new products and handle an increase in transaction volume the process becomes more difficult.
Nilus is a company that offers a no-code financial operations platform in an effort to simplify that process. Nilus was founded by Daniel Kalish and Danielle Shaul last year and has raised $8.5 million in a seed round of funding co-led by Bessemer Venture Partners.
Kalish and Shaul claim that they had firsthand experience with the problem they are trying to fix. At PayPal, Kalish worked as the region’s GTM and head of market development for Central Eastern Europe, Russia and Israel. Shaul worked at Fundbox for more than five years, most recently as a software architect.
The largest problem is that a business’s financial payment information essentially spreads across numerous sites. For example, you have payment data with your payment processor, bank or ERP, and they frequently try to match those data points manually or by running some odd Excel or SQL scripts just to get clarity.
Shaul claims that during the previous 10 years of building the financial infrastructure, she had seen the finance employees go back and forth to detect incoming funds.
The pair collaborated to create Nilus, a ‘plug and play’ payments operations platform for finance teams that handle large amounts of money. They want to help teams comprehend all the underlying data behind the payment activity so they can have a ‘real-time’ picture of cash, mitigate risk and always be audit-ready.
Kalish and Shaul claim that the platform features ‘pre-built data connectors’ and algorithms that enable finance teams to assess the data and ultimately automate operations for reconciliation, reporting and payment.
While the startup’s technical team is based in Tel Aviv, its headquarters are in New York. There are now 18 workers at the company. CEO and founders of fintech companies like Unit, Alloy, Melio and Lithic are also taking part in the startup’s initial funding round together with Symbol and Better Tomorrow Ventures.
