Using innovative data infrastructure and cutting-edge AI algorithms, Statement enables enterprise finance and treasury teams to better manage cash and liquidity and delivers the first cash-flow forecasting module to update in real-time.
TEL AVIV, Israel and NEW YORK, Oct. 18, 2023 — Statement, the cash-intelligence company for multi-banking, global liquidity management, announced today the general availability of its platform alongside $12M in seed funding. The round was led by Glilot Capital Partners, with participation from Citi, Mensch Capital Partners, Titan Capital and Operator Partners.
Dozens of companies leverage Statement to gain real-time visibility into their financial data and automate manual tasks including reconciliation and balance reporting, and reliably forecast their cash flow across the most comprehensive set of financial data – coupled with their ability to onboard customers in weeks, Statement is breaking the mold of traditional treasury and cash management solutions.
Founded in 2022, Statement was built from the ground up with an innovative data infrastructure and core capabilities that leverage artificial intelligence, with the purpose of empowering and supporting the ever-expanding strategic role of the finance department. With no IT resources required, Statement delivers global multi-bank and ERP connectivity, real-time cash-flow and performance analytics, automated A/R reconciliation and best-in-class forecasting in a single, intuitive UI. On top of this data set, their enrichment engine automates transaction categorization, which reduces the human time needed to build a strong balance sheet. Statement’s first-of-its-kind forecasting module leverages both the auto-categorized transactions and ERP accounting data to enable real-time BVA updates, and customer driven inputs.
While existing treasury solutions offer basic cash management functionality, these solutions often take many months to integrate, require extensive IT resources, don’t support every bank or ERP, and don’t update customers’ bank data in real-time. In today’s landscape – especially amidst high interest rates – not only are the pressures on the CFO and treasury teams even greater, but the need for complete, real-time and intelligent financial data can no longer be sacrificed. In fact, this year’s Strategic Treasurer’s “Treasury Perspectives Survey Report” showed that 83% of treasurers are currently or planning to use AI or predictive analytics within the next five years, 96% are currently or planning to use APIs. In addition, cash forecasting and cash positioning are the two areas respondents have said they spend the most time on for five years in a row.
This shift is creating a new paradigm for CFOs – where on the one hand, they are now dealing with a multitude of isolated financial systems that don’t communicate with one another, and on the other, a massive opportunity to harness this data more strategically due to more advancements in data infrastructure and AI. These advancements are providing CFOs the opportunity to be strategic partners to the CEO and is the reason Statement was founded.
“The office of the CFO has remained largely unchanged for decades,” said Idan Vlodinger, co-founder and CEO of Statement. “In today’s rapidly evolving financial environment, treasury and finance teams need modern tools that give them a complete picture of their organization’s financial health. Simply put, we provide finance teams with access to real-time data and simplify the process required to make cash flow decisions. We are helping companies cope with volatility, inflation, FX risks, and enabling them to generate meaningful yields.”
“Each bank and financial service provider has a unique system for accessing financial data, and these systems don’t talk with each other,” said Shahar Lahav, co-founder and CTO of Statement. “Connecting these disparate platforms is a hard technological problem, which has stood in the way of efforts to modernize finance operations. At the core of our solution is a robust, scalable, and secure infrastructure that connects and aggregates all the company’s financial data in real time. This infrastructure lays the foundation for real time reconciliation, rolling cash flow forecasting, and secure AI database queries. The result is a dramatic improvement in finance teams’ workflows and a fundamental shift in how organizations manage their finances.”
Statement is compatible with over 3,000 banks, and seamlessly integrates with ERP and accounting software (including NetSuite, Oracle Cloud and Microsoft Dynamics), payment service providers (including PayPal and Stripe) and common business tools like Google Sheets. Featuring an easy-to-use interface, the solution can be connected to accounts in a matter of minutes, without any IT resources required. Statement is fully SOC, SOC2, ISO27001, and GDPR certified and provides full user entitlement control and robust audit trails.
About Statement
Statement was founded in 2022 by Idan Vlodinger (CEO) and Shahar Lahav (CTO) and is based in Tel Aviv with offices in New York. Prior to founding Statement, Idan was VP of Product & Innovation at Mastercard, led product development at Amazon and was a Consultant at EY. Idan served as a Special Operations combat officer (rank Major) in the IDF’s Special Operations unit for over a decade. Shahar Lahav (CTO) served as a cyber security researcher, reverse engineer and team lead for 6 years in the IDF’s Center of Encryption and Information Security. Prior to that Shahar sold his first startup, an indoor location solution based on BLE chip triangulation at the age of 19.
Additional Quotes
- Hila Vaknin, Treasury Director at Riskified: “Implementing Statement was a breeze, with minimum IT efforts from our team. With the exceptional support from Statement’s success team, we managed to connect all our bank partners into one platform which helped us to have visibility of our cash position at a glance. We also managed to complete automatic bank information upload to our ERP which will significantly improve the efficiency levels of our bank reconciliation.”
- Tomer Amitai, CFO at Natural Intelligence: “Accurate, up-to-date financial data is crucial for informed decision-making, particularly with respect to cash and liquidity management. Using Statement as our single source of truth across our entire banking infrastructure ensures real-time, accurate and reliable information to achieve just that. This is of critical importance, particularly at these volatile times in the markets and the banking sector specifically.”
- Imri Tsidon, Senior Financial Controller at Mixtiles: “Statement has truly transformed our financial reporting. By eliminating the need to navigate multiple banking portals, we now have instant access to our cash position in real-time. This has been particularly beneficial for our B2C business, where we process thousands of transactions daily. What sets Statement apart is its promise of no IT effort required, it delivers on that promise with ease”.
- Nofar Amikam, General Partner at Glilot Capital Partners: “SVB’s downfall and the latest events in the global banking ecosystem made ‘Real-Time Banking Visibility and Control’ a clear must-have. Being able to instantly view all of your bank accounts and react in real-time is essential for an organization’s continuous healthy financial management, not to mention its ability to survive an unexpected crisis.”
SOURCE Statement
