Functional Finance
San Francisco, US · Founded 2021 · Delaware corporation · 22 employees on LinkedIn · 5 known investors
Functional Finance is a SaaS platform that automates billing, invoicing, premium collection, reconciliation, commissions, and money movement for MGAs, wholesalers, and insurance carriers. It integrates with policy admin and accounting systems to give back-office teams, CFOs, and distribution partners real-time financial visibility and reporting.
Founders & leadership
Functional Finance was founded in 2021 by Rashmi Melgiri.
RM
Rashmi MelgiriFounder
AW
Adam Wang-LevineNamed on SEC filing
JE
James ErmilioNamed on SEC filing
Investors · 5
Funding
SEC filings, press & company announcements$21M disclosed across 2 of 4 rounds · 2022–2024
- Undisclosed amountSeedAug 2023Source ↗
▶$17MraisedMay 2024 · 3 investors · Other TechnologyRule 506(b)
▶$17MraisedMay 2024 · 3 investors · Other Technology
Rule 506(b)Officers, directors & promoters on the filing
- Anthony DeGangiExecutive Officer, Director
- Joshua DiamondDirector
- James ErmilioExecutive Officer
- Rashmi MelgiriExecutive Officer, Director
- Offering amount
- $22M
- Amount sold
- $17M
- First sale
- May 2024
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
▶$4MraisedJul 2022 · 1 investors · Other TechnologyRule 506(b)
▶$4MraisedJul 2022 · 1 investors · Other Technology
Rule 506(b)Officers, directors & promoters on the filing
- Adam Wang-LevineExecutive Officer, Director
- James ErmilioExecutive Officer
- Rashmi MelgiriExecutive Officer, Director
- Offering amount
- $8M
- Amount sold
- $4M
- First sale
- Jul 2022
- Incorporated
- Corporation, Delaware, 2021
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Competitors · 7
by search overlap
Stripe19 shared keywordsStripe provides financial infrastructure for businesses to accept payments, offer financial services, and implement custom revenue models across international markets in 135+ currencies.
Corporatefinanceinstitute17 shared keywordsCorporate Finance Institute (CFI) is an online training platform offering certifications and courses in financial modeling, valuation, FP&A, financial analysis, business intelligence, and related finance and AI skills. It serves finance professionals seeking job-ready skills and industry-recognized credentials such as the FMVA.
Fi Money17 shared keywordsFi is a money management and banking app offering accounts and a rewards points program for consumers, operated in partnership with Federal Bank. The page indicates the app is being wound down, with reward points accrual and redemption ending in early 2026.
Intrafi Network14 shared keywordsIntraFi operates a network of more than 3,000 U.S. financial institutions, offering patented deposit services—including reciprocal deposits—that help banks manage liquidity, fund loans, and strengthen customer relationships. It serves banks and other financial institutions across the United States in the fintech and banking-technology sector.
EverFi14 shared keywordsEverFi builds educational programs and training solutions that serve schools and companies, helping them make education accessible across grade school through executive levels.
ModernFi12 shared keywordsModernFi operates a member-owned deposits network and reciprocal deposits platform that enables community and regional financial institutions to compete with larger banks. The company provides infrastructure, technology, and services to help institutions of all sizes serve businesses, public funds, nonprofits, and families.
Guidewire Software12 shared keywordsGuidewire provides technology and software for property and casualty (P&C) insurers to run and grow their business. It serves the insurance industry with a platform for core operations, data, and digital engagement.
Companies competing with Functional Finance for the same Google search keywords, organic and paid, via search-intersection analysis.
In the news
Frequently asked questions
- What does Functional Finance do?
- Functional Finance is a SaaS platform that automates billing, invoicing, premium collection, reconciliation, commissions, and money movement for MGAs, wholesalers, and insurance carriers. It integrates with policy admin and accounting systems to give back-office teams, CFOs, and distribution partners real-time financial visibility and reporting.
- Who founded Functional Finance?
- Functional Finance was founded by Rashmi Melgiri in 2021.
- Who are Functional Finance's investors?
- Functional Finance's investors include Altai Ventures, New Enterprise Associates (NEA), Summit Peak Ventures, Munich Re Ventures, Walkabout Ventures Llc.
- How much funding has Functional Finance raised?
- Functional Finance has disclosed $21M raised across 2 of its 4 known rounds.
- Where is Functional Finance headquartered?
- Functional Finance is headquartered in San Francisco, US.