The startup has grown rapidly, reaching 1,800 customers and $20 million in monthly transaction volume within 14 months. Affiniti aims to handle $1 billion in transactions by year-end, with revenue primarily from transaction interchange fees, SaaS software sales, and interest on short-term loans. Revenue reportedly grew 10x in a year, from $1 million to significantly higher. Other investors in the Series A include Contrarian Thinking Capital, TrueBill's Yahya Mokhtarzada, and Morning Brew's Austin Rief, with seed investors Indicator Ventures, Lightshed Ventures, and RiverPark Ventures also participating. Affiniti previously secured a $15 million debt facility, expandable to $50 million.
Key takeaways:
- Affiniti, founded by Aaron Bai and Sahil Phadnis, provides expense management software for small businesses, raising $17 million in a Series A round led by Signal Fire.
- The startup offers customizable expense management credit cards and software, aiming to provide "v3" fintech solutions with analytics and advisory capabilities.
- Affiniti has grown rapidly, reaching 1,800 customers and $20 million in monthly transaction volume within 14 months, with a goal of $1 billion in transactions by year-end.
- Other investors in the Series A include Codie Sanchez's Contrarian Thinking Capital, Yahya Mokhtarzada, and Austin Rief, with seed investors like Indicator Ventures and Lightshed Ventures also participating.