July 28, 2022

Leapfin pulls together financial info across data siloes to simplify reporting

When Leapfin founder and CEO Ray Lau was managing financial operations at the game company Zynga a decade ago, he saw just how hard it was for his team to get answers about the financial health of the company quickly. He attributed this to too much siloed data and rigid financial systems.

He says that data has shown that even today, most CFOs don’t think their financial systems are flexible enough. A year after he left Zynga in 2014, he launched Leapfin to help solve this problem. Today, his company announced a $12 million Series A.

“In a nutshell, Leapfin is a financial data management solution. I think the quick way to think about what we do is we help CFOs to scale their finance and accounting organizations nonlinearly,” Lau said. What he means is using APIs to connect to various systems with data of interest to the financial team, his software can pull together data more quickly and efficiently than the hodgepodge of systems has previously allowed.

He says the typical financial system could involve 100 different back office systems. This results in a mountain of data points, which could be interesting and helpful to the finance experts if they could pull it all together. But the problem is it’s difficult to get this data in real time where it can really have a positive impact on the business. Read rest here