Fintastic Founders (company pic)
Fintastic, an Israeli fintech startup offering the “next generation” of Financial Planning and Analysis (FP&A) software, came out of stealth with a $12 million seed fundraising round led by Group 11, with participation from BGV ventures and additional angel investors, including public company CFOs and high-profile operators.
Gartner explains that FP&A is a set of four activities that support an organization’s financial health: planning and budgeting, integrated financial planning, management and performance reporting, and forecasting and modeling. FP&A solutions enhance the finance department’s ability to manage performance by linking corporate strategy to execution.
And fintech is one of the fields in Israel Startup Nation that is still bringing in the big bucks in investments these days, in spite of the ongoing worldwide crisis in the financial markets. For example, in September, Mesh Payments, an Israeli fintech startup, raised $60 million in a Series C round of financing and has brought in a total of $123 million to date. And AccessFintech, an Israeli fintech startup that offers services in and workflow collaboration, has raised $97 million since 2018.
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In addition to the raise, Fintastic also launched what the company is calling its “full-fledged Smart Product, the world’s first AI-driven FP&A system.” This new tool is designed to support organizations’ planning and analysis needs, including real-time actuals data sync with other systems, multiple plans, forecasts and scenarios management, robust models assumption, reports from high-level views to the most granular drill-downs, collaboration and insights – all at scale.
Founded in 2021 by Jonathan Einav, Co-Founder and CEO, Eric Shellef, Ph.D., Co-Founder and CTO, and Hamutal Anavi Russo, Co-Founder and COO, Fintastic, is headquartered in Tel Aviv, Israel, Fintastic says that it delivers insights, not just data. Its advanced AI enables state-of-the-art anomaly monitoring, trend detection, and risk-derived planning optimization powering the world’s first Smart FP&A solution.
“We’re introducing a new approach in the FP&A world. We use probability science and risk derivative planning to provide actionable insights and recommendations that forever will improve the way companies make decisions,” said Jonathan Einav, Co-Founder & CEO.
