Fazeshift Secures $17 Million Series A Funding
Fazeshift, a San Francisco-based startup using AI agents to automate accounts receivable, raised $17 million in a Series A round, according to Crunchbase News. F-Prime Capital led the financing, with participation from Gradient Ventures, Y Combinator, Wayfinder Ventures, Pioneer Fund, Ritual Capital, and several angel investors, bringing the company’s total funding to $22 million since its founding in 2023.
Company Background and Founders
Fazeshift 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 developed the idea while running their previous startup, Carma, where they manually tracked payments using spreadsheets for 10 customers. Leksana described accounts receivable as a “snowflake” problem, noting that it involves over a million AR clerks in the U.S. who juggle systems like NetSuite, Salesforce, bank portals, and email threads.
Technology and Market Focus
Fazeshift automates more than 90% of manual AR tasks, such as invoicing, collections, payment matching, and reconciliation, by operating as an “intelligent control layer” on top of existing systems. According to Leksana, this approach addresses complex workflows in fragmented industries like wholesale, construction, staffing, and HVAC, where customers have unique requirements, such as submitting invoices through specific proprietary portals. Unlike accounts payable, which can be standardized internally, accounts receivable remains one of the least automated finance functions, as highlighted in the Crunchbase News article.
Growth and Future Vision
Since launching in the Summer 2024 Y Combinator cohort, Fazeshift has grown its revenue 12-fold in a year and attracted dozens of enterprise customers, including eight unicorns, one public company, Sigma Computing, Snyk, Meter, Clipboard Health, one of the largest independent wholesale distributors in the Southeast, the world’s top e-commerce aggregator, and a leader in music publishing. Rocio Wu, a partner at F-Prime Capital, noted that many Fortune 500 companies still rely on spreadsheets and email for AR, employing dozens or hundreds of clerks, and described this as an opportunity in critical but broken workflows. Looking ahead, Leksana stated that Fazeshift aims to expand beyond accounts receivable to become the operating system for the entire finance organization, enabling autonomous finance where AI handles core tasks. This development occurs amid a broader trend in fintech, where global funding for VC-backed startups reached $53.8 billion in 2025, a 29% increase from $41.6 billion in 2024, according to Crunchbase News.
