Exclusive: Fazeshift Scores $17M As Investors Bet On AI-Powered Finance Ops, Starting With Accounts Receivable

Fazeshift, a startup that uses AI agents to automate accounts receivable, has raised $17 million in a Series A round of funding, it tells Crunchbase News exclusively. F-Prime Capital led the financing, which included participation from Gradient Ventures (Google’s early-stage AI fund), Y Combinator, Wayfinder Ventures, Pioneer Fund, Ritual Capital and several angel investors. The raise brings Fazeshift’s total raised to $22 million since its 2023 inception. The San Francisco company was founded by a team with an unconventional pedigree: Caitlin Leksana (CEO), a former BCG consultant and mechanical engineer and Timmy Galvin (CTO), an MIT-trained nuclear submarine officer. The two met at Harvard Business School, but their lightbulb moment came while running a previous startup, Carma, where they found themselves color-coding spreadsheets to track payments for just 10 customers and realized that the tools they were using failed to solve the basic problem of ensuring money actually hits the bank. They realized that while there are more than a million accounts receivable (AR) clerks in the U.S. alone, many of them spend their time bouncing between systems such as NetSuite, CRMs like Salesforce, bank portals, and email threads because these systems do not natively talk to each other. Unlike accounts payable, which a company can standardize internally, Leksana contends, accounts receivable is a “snowflake” problem that remains one of the least automated functions in finance. Every customer has a unique set of requirements; for instance, a large retailer might demand that an invoice be submitted through a specific proprietary portal with Part A and Part B attached as PDFs. Fazeshift claims that it can automate more than 90% of manual AR tasks — from invoicing and collections to payment matching and reconciliation — by operating on top of existing systems and executing workflows across them. It essentially sits on top of a company’s current stack as a “brain.” Competitors, according to Leksana, are generally focused on automating tasks, while Fazeshift is working on building what she described as an “intelligent control layer” that helps companies “collect faster, more predictably and with less effort, and that is continuously improving through proprietary payer behavior data.” “What sets us apart is our ability to handle complex workflows that other tools fail to solve – especially in industries like wholesale, construction, staffing, and HVAC, where AR processes are highly fragmented and manual,” Leksana told Crunchbase News in an interview. After launching at the start of the Summer 2024 Y Combinator cohort, Fazeshift has seen its revenue grow 12x in a single year, attracting dozens of enterprise customers, including eight unicorns and its first public company, according to Leksana. Customers include Sigma Computing, Snyk, Meter, and Clipboard Health, as well as one of the largest independent wholesale distributors in the Southeast, the world’s top e-commerce aggregator, and a leader in music publishing, per Leksana. Looking ahead, Leksana believes that Fazeshift has the potential to expand beyond accounts receivables. The goal is for Fazeshift to become the primary operating system for the entire finance organization. “Our long-term vision is to expand into a broader CFO suite,” she said, “building toward a future of autonomous finance where core operational work is executed by AI and human teams can focus on agent management, strategic work, and governance.” Rocio Wu, partner at F-Prime Capital, said her firm was impressed by Fazeshift’s efforts to meet the needs of companies still running AR mostly on spreadsheets and email. “You’d be surprised how many Fortune 500 companies only started adopting software a few years ago and still have dozens, if not hundreds, of AR clerks on staff,” she wrote via email. “That gap between how critical the function is and how broken the workflows remain is exactly the kind of opportunity we look for.” Wu also believes the market is at an inflection point where AI is moving from co-pilot to co-worker, and human teams are shifting from doing the work to reviewing and managing AI agents. “Fazeshift is bringing us closer to an autonomous future for finance,” she said. The founders had “lived the pain of broken AR workflows firsthand at their last company and set out to build the platform they wished they’d had. When you meet founders like that, you move fast.” Fintech startups, particularly those that apply AI to traditionally manual or burdensome processes, have benefited from increased investment in recent quarters. Global funding to VC-backed financial technology startups totaled $53.8 billion in 2025, per Crunchbase data. That’s a more than 29% increase from 2024’s total of $41.6 billion raised. Illustration: Dom Guzman