San Jose-based AppZen, an AI-first startup focused on finance teams, has raised $180 million in a Series D funding round, the company confirmed to Crunchbase News. Riverwood Capital led the growth investment and was the sole participant. With this latest round, AppZen has now raised a total of $290 million since its founding in 2012, according to CEO and co-founder Anant Kale. Previous investors include 500 Global, Lightspeed Venture Partners, Coatue, Bloomberg Beta, and Redpoint.
Although AppZen did not disclose its new valuation, it confirmed the round represents an “up round.” For context, the company raised $50 million in a Series C funding round in September 2019 at a post-money valuation of $500 million, according to Crunchbase data.
Building AI for Finance Teams
Founded by Kale and CTO Kunal Verma, AppZen has been an AI-first company since its inception. Its mission is to develop intelligent tools specifically for back-office finance teams. The company launched its first Expense Audit product in 2014 and has steadily expanded its suite of AI-driven solutions.
Today, AppZen serves thousands of enterprises globally, offering agentic AI for travel and expense, accounts payable, and card workflows. Unlike many companies that market themselves as AI-driven while relying heavily on prebuilt large language models (LLMs), Kale emphasizes that AppZen has built proprietary AI models over the past decade, which are optimized for enterprise finance operations.
The company combines these proprietary models with its Mastermind AI Studio, a product that allows organizations to deploy AI agents as digital workers without requiring coding skills or IT support. This approach accelerates adoption and streamlines automation across complex finance workflows.
“Our goal is to transform finance teams with AI agents,” Kale told Crunchbase News. “Historically, reducing costs in finance meant offshoring work because traditional software couldn’t automate human processes. AppZen changes that.”
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Integration with Existing Systems
AppZen’s AI seamlessly integrates with existing ERP systems, including SAP and Oracle, automating tasks that traditionally required manual input. By doing so, the company enables finance teams to improve efficiency, reduce errors, and cut costs without expanding headcount.
This capability has resonated with clients. AppZen counts over 500 global enterprises as customers, including 65 of the Fortune 500. Notable clients include Amazon, Salesforce, JP Morgan Chase, Airbus, and Databricks, demonstrating broad market adoption and trust in its solutions.
What Makes AppZen Different
Francisco Alvarez-Demalde, co-founder and managing partner at Riverwood Capital, explained why the firm chose to back AppZen. “Finance is at a turning point, moving from manual reviews and basic automation to fully autonomous operations,” he said. “AppZen is leading this shift by deploying AI agents that manage core finance workflows across global organizations.”
Alvarez-Demalde added that AppZen is “not just another automation tool.” Instead, he describes it as an “agentic AI orchestration layer” for enterprise CFOs, connecting and managing finance processes across borders and languages. This layer allows companies to navigate increasing operational complexity while maintaining control and efficiency.
Strong Financials and Growth
AppZen reports that it is cash-flow positive and growing steadily, with a workforce of more than 300 employees. The company’s traction with global enterprises highlights the market demand for intelligent automation in finance. As businesses increasingly adopt AI to drive efficiency, AppZen positions itself as a leader in agentic AI for the office of finance.
The Series D funding will support the company’s mission to expand its platform capabilities and continue helping finance teams transform operations. By leveraging a combination of proprietary AI models and LLMs, AppZen provides a scalable solution for enterprises looking to automate complex finance workflows, reduce manual labor, and enhance decision-making accuracy.
The Future of Finance with AI
AppZen’s growth comes at a time when finance teams are under pressure to handle increasing complexity, tighter compliance requirements, and global operations. Traditional automation methods, including rule-based software and offshore teams, are no longer sufficient. Agentic AI, such as AppZen’s platform, allows companies to rethink how financial processes are executed, shifting from manual and semi-automated workflows to autonomous, AI-driven operations.
Kale envisions a future where AI agents act as digital employees, performing finance tasks with minimal human intervention while maintaining oversight and compliance. “Our AI agents don’t just execute tasks—they understand context, learn from data, and adapt over time,” he said. “This gives finance teams the freedom to focus on strategic priorities rather than repetitive manual work.”
A Strong Market Opportunity
The market for AI-driven finance automation is growing rapidly, driven by the need for efficiency, accuracy, and scalability. AppZen’s approach, combining proprietary AI models with flexible deployment through Mastermind AI Studio, positions it to capture a significant share of this emerging market.
With its extensive client base, cash-positive operations, and proven track record, AppZen is poised to expand its impact. The company’s AI solutions not only reduce costs but also enhance operational resilience, streamline compliance, and improve overall financial performance for global enterprises.
As finance teams continue to evolve in response to digital transformation pressures, AppZen’s platform demonstrates the power of agentic AI to redefine how finance work is done. By automating complex tasks, integrating seamlessly with existing systems, and offering scalable deployment options, AppZen is setting a new standard for finance automation in the enterprise world.
Frequently Asked Questions
What is AppZen?
AppZen is an AI-first company that provides agentic AI solutions to automate finance workflows for enterprises.
How much funding has AppZen raised?
AppZen recently raised $180 million in a Series D round, bringing its total funding to $290 million.
Who are AppZen’s key clients?
AppZen serves over 500 global enterprises, including Amazon, Salesforce, JP Morgan Chase, Airbus, and Databricks.
What solutions does AppZen offer?
AppZen provides AI-powered automation for expense audits, accounts payable, card workflows, and other finance operations.
How does AppZen’s AI differ from other tools?
Unlike traditional automation, AppZen combines proprietary AI models with LLMs, enabling agentic AI to perform complex finance tasks autonomously.
Can AppZen integrate with existing finance systems?
Yes, AppZen integrates with ERP systems like SAP and Oracle, automating manual workflows without disrupting existing infrastructure.
Is AppZen profitable and growing?
Yes, AppZen is cash-flow positive, growing steadily, and employs over 300 people globally.
Conclusion
AppZen is redefining the future of finance by combining proprietary AI with advanced automation to streamline complex workflows. With $180 million in new funding, a growing roster of top-tier clients like Amazon and Salesforce, and a platform that integrates seamlessly with existing ERP systems, AppZen is positioned to lead the shift toward fully autonomous finance operations. As enterprises face increasing complexity and demand for efficiency, AppZen’s agentic AI offers a scalable, intelligent solution that empowers finance teams to focus on strategic priorities while reducing manual work and costs.
