DataRails, an Israeli fintech startup that offers a financial solution designed for SMEs, has raised $50 million in a Series B round of investment. DataRails has now brought in a total of $105 million in investments to date.
SMEs are small and mid-sized businesses. Fintech is anything new having to do with using technology to improve the transfers of money, or payments. This includes just about everything like every time a person pays for something on line. DataRails, however, deals with financial filing, making it easier for smaller firms to handle all of that headache inducing paperwork digitally.
Founded in 2015 by CEO Didi Gurfinkel and CPO Eyal Cohen, DataRails says that the company is on a mission to revolutionize the way finance professionals use analytics. Their leadership team boasts many years of experience in the corporate world and is with the challenges that financial professionals face. As a result, DataRails boasts that its financial analytics platform was created with finance professionals in mind. The company also says that there is a data-driven trend that’s transforming the industry.
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“Our previous round was in June 2021 and this round was raised entirely during 2022,” said Gurfinkel. “I felt this time that people wanted to hear a lot less about the dream and want to see the models we built in the past succeeding in the future. We are very grounded and are efficient in our growth. All the money we have raised will be used for sales, marketing and customer support employees. Our only competition is Excel itself.”
“When we founded the company we wanted to solve the Excel problem with this being a personal tool which the organization doesn’t know how to handle,” he added. “We wanted to build technology that knows how to leverage Excel and we started selling to organizations a platform that combines Excel sheets. This didn’t take off quickly so two years ago we pivoted and built a new product with our technology, and the company essentially started from scratch.”