String of recent recognitions reflect Vic.ai’s industry-leading innovation and accelerating adoption of its AI solutions
NEW YORK, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Vic.ai, the leading AI autonomous finance platform, today announced its placement on CB Insights’ Fintech 100 ranking (previously the Fintech 250), showcasing the 100 most promising private fintech companies of 2023. The company also announced multiple recent industry accolades, as well as a slate of new customers spanning manufacturing, real estate, and logistics.
“We’re so proud of these wins, which emphasize the industry’s understanding of the power and potential of AI to digitally transform finance operations,” said Vic.ai CEO Alexander Hagerup. “We’re excited to continue bringing products to market that help enterprises increase productivity, save costs, and make finance decisions based on intelligent insights and data. With our AI behind them, they are prepared to navigate their own growth journey with more confidence and precision.”
Utilizing the CB Insights platform, the research team selected these Fintech 100 winners from a pool of more than 19,000 private companies, including applicants and nominees. These companies were chosen based on factors, including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, and proprietary Mosaic scores, as well as criteria such as tech novelty and market potential.
“Representing 24 different countries across the globe, this year’s Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more,” said Chris Bendtsen, Lead Fintech Analyst, CB Insights. “Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. I cannot wait to see what this cohort accomplishes next.”
The award reflects Vic.ai’s strong momentum in terms of growth and innovation. The company has recently onboarded several new customers, including Diesel Direct, Colony Hardware, and HallKeen Assisted Living – a few of many enterprise companies realizing that AI and autonomous finance are the future. The company also recently released the next evolution of its AI-first, autonomous finance platform, including the launch of Vic.ai Payments, which completed the company’s vision of delivering an end-to-end solution for accounts payable (AP) teams. By integrating all components of AP processing, from invoice to payment, into a single, end-to-end system powered by the industry’s most advanced AI, Vic.ai is helping customers reduce risk, improve cash flow, and achieve accurate invoice processing time in 80% less time. Vic.ai also made recent enhancements to its proprietary AI to increase accuracy and best-in-class predictions.
This latest recognition from CB Insights comes on the heels of Vic.ai receiving the SaaS Award for Best SaaS Product for Business Accounting or Finance. Vic.ai was also recently named on the Inc. 5000 list for being one of the fastest-growing companies in America, according to percentage revenue growth from 2019 to 2022. And in August, Vic.ai was also featured on CNBC’s list of World’s Top Fintech Companies that identifies fintechs disrupting the giants of finance with services that are faster, cheaper and more accessible.
Quick facts on the 2023 Fintech 100:
- Equity funding and deals: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
- Unicorns: There are 31 companies with $1B+ valuations on the list.
- Global Reach: This year’s winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with 7. Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.
About CB Insights
CB Insights builds software that enables the world's best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai addresses the most manual and inefficient task in accounting — invoice processing — to improve its speed and scalability and ultimately enable customers to reinvent their accounts payable operations and improve financial management. By processing more than half a billion invoices with up to 99% accuracy, Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Vic.ai is jointly headquartered in New York City and Oslo, Norway. For more information, please visit http://www.vic.ai/.
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