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Affiniti’s 20- and 22-year-old founders raise $17M led by SignalFire just 6 months after an $11M seed
- Affiniti, founded by Aaron Bai (20) and Sahil Phadnis (22), raised $17 million Series A led by Signal Fire, just six months after an $11 million seed round. The startup provides customizable expense management solutions for main street small businesses.
- Affiniti aims to offer 'v3' fintech products that can advise end users and provide analytics for traditional small businesses lacking finance teams. The new funding will help launch features like banking, bill pay, cash flow analytics, and software integrations.
- The startup, currently serving 1,800 customers, has seen rapid growth, with monthly transaction volumes of around $20 million. They project to reach $1 billion worth of transactions by year-end. Revenue has grown about 10x in a year.
- Affiniti differentiated itself by not emerging from a startup school like Y Combinator but leveraging networks from UC Berkeley. The platform focuses on specific niche verticals for complex cash flow, earning revenue through transaction fees, SaaS software, and interest income on short-term loans.
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