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When Lipfin founder and CEO Ray Lau ran the financial operations at the game company Zynga a decade ago, he saw how difficult it was to quickly get answers about the company’s financial health. This is due to excessive security information and rigid financial systems.
Evidence shows that even today, most CFOs don’t think their financial systems are flexible. In the year A year after leaving Zynga in 2014, he created Lipfin to solve this problem. Today, his company raised a $12 million Series A.
“In short, Leapfin is a financial information management solution. I think the fastest way to think about what we do is to help CFOs grow their finance and accounting organizations offline,” Lau said. The software can gather data faster and more efficiently than the hodge podge of systems previously allowed.
He says a typical financial system can include 100 different back office systems. This results in many data points, which can be interesting and useful to financial professionals if they can pull them all together. But the problem is that it is difficult to get this data when it can actually have a positive effect on the business.
“Essentially, we bring all this restricted data into one intelligence repository. And there’s a lot of intelligence and logic behind it. We translate all the restricted data into real-time financials,” Lau explained.
He added, “The most important thing is that we don’t just get that data in, but make sense out of it. So we connect the dots across all systems and apply business logic and rules and basically translate them into GAAP financials that CFOs and accounting teams can trust.
He says two things set his company apart from general analytics tools. First, it is entirely focused on financial information and the needs of financial professionals. Second, they use a graph database when pulling this data together to help teams see relationships between data points they might otherwise miss.
The company When he launched in 2015, Lau said he took some time to build a product that could scale his vision. Companies using his software today include Canva, Vimeo, Reddit and Flexport.
He believes that such a product can be grown even in low economic conditions. “We’ve been a little bit lucky that we haven’t been affected by this recession and inflationary environment. “I think it’s mainly because we’re a very mission-critical product and we use CFO regardless of whether it’s a bull market or a bear market,” he said.
The company currently has 50 people and believes that being completely remote while scaling will help build a diverse organization. “We currently have employees in 12 different countries. And we believe the best way to improve diversity is to increase diversity at the top of the candidate pool, which is top of mind and something we really focus on,” he said.
Investors in the $12 million Series A include Crosslink Capital, Canva, Work-Bench and Asymmetric with Industry Angels.
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