FloQast

FloQast offers an end-to-end workflow automation platform for finance, accounting, and internal audit teams. The platform enables users to collaborate on the management of month-end close tasks and automate workflows relating to accounting operations, reconciliation management, financial reporting, payroll, and information requests. Furthermore, the platform offers a dashboard that provides users with visibility into compliance, financial planning and analysis (FP&A), and reporting workflows, as well as insights on maximizing process efficiency.

In May 2023, the company expanded its platform by launching a compliance management solution that enables users to manage and integrate compliance into business processes, such as payroll processing and financial reporting. Furthermore, the company leverages GenAI to enable users to perform variances analysis, generate relevant descriptions and recommended actions for variances, automate information requests via auto-generate emails and intelligent response reviews, and automate reconciliation management.

Key customers and partnerships

In August 2022, FloQast extended its partnership with Microsoft to offer Microsoft’s global network of enterprise customers access to its accounting automation solutions via the Microsoft Business Applications ISV Connect program. The company also launched a number of apps on Microsoft AppSource.

FloQast also provides a number of pre-built integrations with spreadsheet platforms, ERP systems, team messaging platforms, and email and cloud storage providers such as SAP, Oracle, Quickbooks, Dropbox, and Slack.

As of October 2023, the company served over 2,500 global customers, including Shopify, Revolut, Kodiak, Zoom, Snowflake, DocuSign, and Okta.

Funding and financials

In April 2024, FloQast secured USD 100 million in Series E funding led by ICONIQ Growth, at a valuation of USD 1.6 billion. The company planned to utilize the funding to support its research and development efforts (with a focus on AI), and global expansion.

In February 2022, the company reported a 97% YoY growth in its annual recurring revenue (ARR) for the quarter, as well as a 153% YoY growth in net new ARR for 2021.