Many people have many online subscriptions that they barely use and can save a good amount of money with a service like Truebill to see all of their recurring payments in one place. Spendflo wants to do the same for enterprise subscribers to SaaS services and is targeting CFOs and finance leadership teams. The startup announced today that it has raised $4.4 million in seed funding led by Accel India and Together Fund, with participation from BoldCap and Signal Peak Ventures, along with founders and operators of companies including Airbase, Zuora, Ivanti, CleverTap, Slintel, Lambda Test. , Haptic and Wingify. Since its launch six months ago, Spendflo claims it has saved an average of 23% for its customers. Its clients include Airmeet, Cronwpeak, Lambda Test, Urban Company, WIntify, and Yellow.ai. Spendflo, founded in 2021 by Siddarth Sridharan, Ajay Vardhan, and Rajiv Ramanan, brings together all SaaS contracts in one place, giving businesses visibility into spend. It also provides assisted shopping and says it can guarantee savings with proprietary benchmarking data. The company was part of the first cohort of Atoms, an Accel program for pre-seed startups with $250,000 in non-dilutive capital. Sridharan told TechCrunch that while working at Volta Charging as one of the early employees, “he saw the company go from seed to IPO during my tenure. In this time, I brought over $10 million worth of SaaS tools.” He added that his CFO would check with him every quarter and tell him to cut expenses in half. “Honestly, it was a real pain as I had at least 150 different subscriptions at the time and SaaS purchasing had been decentralized along with no visibility on pricing and renewals,” Sridharan said. “But, at that stage, I realized that maybe other people were also facing the same problem. So I started asking around in the financial communities to find out if there might be a solution for this.” SaaS buying is decentralized because it’s no longer just CIOs buying SaaS, but all stakeholders, added Srdiharan. “The challenge here is that current SaaS purchasing is done through popular but unreliable channels such as G2 REviews, Quora and Reddit for pricing information. Approvals end up getting stuck in endless email tests.” On the other hand, Spendflo gives businesses a centralized place to track their spending and SaaS usage. As a use case, Sridharan told TechCrunch about Airmeet’s experience with Spendflo. He first incorporated Airmeet into his platform and allowed them to centralize contracts and view expenses. Next, the platform’s strategic buyer and CMS worked on creating a buying roadmap based on Airmeet’s needs. Ultimately, Spendflo’s purchasing team took over the procurement, streamlined the entire process, and started saving money. Sridharan said that after using Spendflo, Airmeet acquisitions now happen 3x faster and save over 16% of their SaaS spend. Spendflo Sridharan’s subscription dashboard added that small and large businesses spend about $330k million on SaaS services, in addition to spending around $1 billion on its own IT. “Spending on SaaS products grows 25% year over year. SaaS has become the one expense over which CFOs have no visibility or control. We have realized that the role of the CFO is evolving,” he said. “It’s not just accounting anymore. Legal, ESG and FinOps, among others, are joining the CFO. CFOs are no longer the referee blowing the whistle, but are now becoming foundations within the company.” Spendflo sells to finance teams, working closely with department, security and department heads. Sridharan said that he typically sees an average of six stakeholders in the SaaS tool buying process. But, he added, Spendflo “follows a holistic approach,” meaning it allows each SaaS buyer to submit and renew applications, view all tools, contracts and security documents, and collaborate with vendors on renewals and new acquisitions. The company monetizes by charging a flat fee on the total SaaS spend it manages. Sridharan said that it provides a money-back guarantee on the subscription fee, which makes it budget-neutral for financial organizations to adopt our services. “We consistently show ROI savings of 2x to 5x. On average, we save 23% on your annual SaaS spend.” In a prepared statement, Accel India partner Dinesh Katiyar said: “Pay-as-you-go SaaS tools have been of great help to businesses around the world. Everyone is rapidly switching to providers that offer these tools. However, the mass exodus to SaaS has created a new challenge. Instead of centralized purchasing workflows, each business function now buys what it needs. They overspend through unoptimized pricing plans, underutilized tiers, and unused licenses. Spendflo is committed to bringing back spend efficiency without compromising the speed of business.”
Spendflo helps businesses keep track of their SaaS spend
