Farsight Raises $16 Million for Financial Automation Platform

Farsight, an automation platform for financial institutions, raised $16 million in a Series A funding round.

The capital will help Farsight develop its product, scale its team and sign new partners and customers, according to a Wednesday (June 11) press release.

Co-founded by MIT graduates Samir Dutta, Noah Faro and Kunal Tangri, Farsight provides a solution that helps companies automate manual, repetitive tasks at a time when that work is still left to junior and mid-level employees at many companies, the release said.

“Finance has been trapped in an endless cycle of inefficient processes that waste billions [of dollars] annually and contribute to high employee turnover,” said Dutta, who also serves as the company’s CEO. “At Farsight, we’re solving a systemic problem — not just by automating tasks … to boost productivity and accuracy, but by empowering teams to execute faster, seize more opportunities and bring more strategic value to the table. By freeing talent from the drudgery of manual work and surfacing new actionable ideas, we enable firms to operate with greater agility, win more deals and scale intelligently.”

Automation and artificial intelligence can help companies streamline B2B payments.

“In the consumer world, advances like embedded payments are now part of the fabric of everyday life,” PYMNTS reported Monday (June 9). “Users tap their phone, settle bills on platforms like Uber automatically, and subscription services like Spotify and Apple TV continue to renew invisibly in the background. In many ways, payments are simply no longer ‘a thing’ for everyday commerce occasions. They have become invisible, unthinking even.”

In B2B settings, however, where transactions often involve five- or six-figure invoices, extended payment terms and complex compliance rules, things are more complicated.

Traditional payment solutions have long functioned as standalone platforms, with businesses managing payments through bank portals, third-party processors or enterprise resource planning (ERP) extensions “that often felt duct-taped together,” the report said.

AI and machine learning are helping solve this issue. The PYMNTS Intelligence report “Smart Spending: How AI Is Transforming Financial Decision Making” found that more than 80% of chief financial officers at large companies are either already using AI or thinking about adopting it.

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