Fintech platform Chargebee Inc., which helps businesses manage subscription billing revenue operations, compliance, and recurring payments, has announced it has secured US$55 million in its Series F funding round press statement dated October 7, 2020.
Accoridng to the statement, the round of financing was led by U.S.-based private equity and venture capital firm Insight Partners with participation from from existing investors Steadview Capital, Accel, and Tiger Global.
The fresh capital infusion will enable the company enhance its product and integration ecosystem, enabling businesses to experiment and launch increasingly sophisticated revenue models, the statement noted.
Founded in 2011 in Chennai, India, Chargebee’s subscription platform helps businesses manage subscriptions and recurring payments, and automate billing, invoicing and revenue recognition. Chargebee’s platform essentially automates complex billing and revenue operations challenges that arise as subscription-based businesses try to scale, the statement noted.
“We believe that a steady SaaS-i-fication of the market is already underway, with traditional businesses replicating the best practices of SaaS pricing and business models even outside the realm of software. Subscription businesses today have to be ready at all times to identify and leverage market opportunities rapidly,” said Krish Subramanian, co-founder and CEO of Chargebee, in a statement.
“Even beyond SaaS and software, we’re seeing a global movement where businesses — from cars to coffee pods — are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses to this degree of adaptability is paramount today,” said A J Malhotra, Vice President at Insight Partners.