Fazeshift Raises $17M to Automate Accounts Receivable With AI Agents
Fazeshift, a startup using AI agents to handle accounts receivable workflows, raised $17 million in Series A funding led by F-Prime Capital. The round included Gradient Ventures (Google's early-stage AI fund), Y Combinator, Wayfinder Ventures, Pioneer Fund, and Ritual Capital. The San Francisco company has now raised $22 million total since launching in 2023.
The startup was founded by Caitlin Leksana, a former BCG consultant and mechanical engineer who serves as CEO, and Timmy Galvin, an MIT-trained nuclear submarine officer who is CTO. The two met at Harvard Business School and started Fazeshift after running a previous company where they manually tracked payments across spreadsheets and disconnected systems.
The Problem: Fragmented Systems and Manual Work
More than one million accounts receivable clerks work in the U.S. alone, yet many spend their time switching between systems like NetSuite, Salesforce, bank portals, and email because these tools don't communicate with each other. Unlike accounts payable-which companies can standardize internally-accounts receivable remains highly fragmented.
Each customer often has unique requirements. A large retailer might demand invoices submitted through a proprietary portal with specific PDF attachments. This variability has kept AR as one of the least automated functions in finance.
How Fazeshift Works
Fazeshift operates as a layer on top of existing systems, automating more than 90% of manual AR tasks including invoicing, collections, payment matching, and reconciliation. The platform executes workflows across disconnected tools without replacing them.
Leksana described the approach as building an "intelligent control layer" that helps companies "collect faster, more predictably and with less effort." The system improves continuously using proprietary data about how customers pay.
"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 said.
Revenue Growth and Customer Base
After joining Y Combinator's Summer 2024 cohort, Fazeshift grew revenue 12x in a single year. The company now counts dozens of enterprise customers, including eight unicorns and its first public company customer.
Named customers include Sigma Computing, Snyk, Meter, and Clipboard Health, along with one of the largest independent wholesale distributors in the Southeast, the world's top e-commerce aggregator, and a leader in music publishing.
Broader Finance Ambitions
Leksana sees accounts receivable as a starting point. The long-term vision is for Fazeshift to become an 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."
Why Investors Are Backing This
Rocio Wu, partner at F-Prime Capital, said the firm was impressed by how many Fortune 500 companies still run AR mostly on spreadsheets and email, with dozens or hundreds of AR clerks on staff.
"That gap between how critical the function is and how broken the workflows remain is exactly the kind of opportunity we look for," Wu wrote via email.
Wu also noted the market is shifting. "AI is moving from co-pilot to co-worker, and human teams are shifting from doing the work to reviewing and managing AI agents," she said. "Fazeshift is bringing us closer to an autonomous future for finance."
Global funding to VC-backed financial technology startups totaled $53.8 billion in 2025, a 29% increase from 2024's $41.6 billion, according to Crunchbase data. Fintech startups applying AI to traditionally manual processes have seen particular momentum.
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