Vic.ai secures $52m series C funding

This latest round brings the total capital raised to $115m for the fintech, which is jointly headquartered in New York City and Oslo

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Vic.ai secures $52m series C funding

Vic.ai has landed $52m in series C funding to expand its suite of artificial intelligence (AI) tools for real-time, autonomous accounting and financial intelligence.  

The investment will be used to add “industry pioneering modules” to its platform to help businesses optimise their financial processes and make more data-driven decisions. 

This latest round brings the total capital raised to $115m for the fintech, which is jointly headquartered in New York City and Oslo. 

Existing investors GGV Capital and ICONIQ Growth led the series C round, with participation from Cowboy Ventures and Costanoa Ventures.  

Vic.ai’s platform automates accounting and financing tasks, boosting its customers’ total productivity by 500%, the fintech claims. 

Alexander Hagerup, co-founder and chief executive officer of Vic.ai, said: “We envision a future where AI handles the majority of cost transaction processing, resulting in faster and more accurate month-end closes for our customers.  

“By automating purchasing and beyond, we are excited to offer our customers even greater value across their entire business.” 

As the fintech grows, it plans to add corporate credit cards, purchase orders and bill paying to its platform. 

Conor Clair, senior finance manager of accounting at Vic.ai customer Milwaukee Tool, commented: “Vic.ai’s current offerings, including Autopilot and Autonomous Approval Flows, will allow our business to keep growing at a rapid pace without requiring us to grow our workforce at the same pace. 

“And with these new intelligent spending tools in development, not only will we be able to have a complete picture of our costs, but we will also benefit from real-time analysis of these transactions as well as advice on how we can optimize.” 

Vic.ai was launched in 2017. Its other customers include HSB Real Estate, HireQuest and PwC. 

Image: Vic.ai