When was Functional Finance founded?

Functional Finance was founded in 2018 and raised its 1st funding round 5 years after it was founded.

Where is Functional Finance located?

Functional Finance is headquartered in Benton, United States.

Who is the current CEO of Functional Finance?

Rashmi Melgiri of Functional Finance. They have also founded 1 company.

How many employees does Functional Finance have?

As of Apr 30, 2026, the latest employee count at Functional Finance is 23.

Is Functional Finance a funded company?

Functional Finance is a funded company, having raised a total of $28M across 2 funding rounds to date. The company's 1st funding round was a $***** Seed round, raised on Jul 08, 2023.

When was the latest funding round of Functional Finance?

Functional Finance's latest funding was a $***** Series A round on May 17, 2024, with participation from 2 investors.

Where does Functional Finance rank among its competitors?

Functional Finance ranks 2nd amongst 16 active competitors, of which 8 are funded. It stands 4th in terms of total funding among its competitors. The most recent competitor to raise funding was ePayPolicy, which secured an undisclosed amount in Aug, 2025.

Who are the top competitors of Functional Finance?

Functional Finance's top competitors include One, Ascend and InsurePay. Among them, ePayPolicy secured the most recent funding round in August, 2025.

Functional Finance - 2026 Company Profile, Team, Funding & Competitors

Company Details

Provider of a financial operations platform for insurance businesses. The platform automates billing, invoicing, premium collection, and reconciliation. It integrates with existing systems, offering real-time data, reporting, and customizable views. The platform provides tools for managing commissions, payments, and partner access to financial data.

Key Metrics

Founded Year

2018

Location

Benton, United States

Stage

Series A

Total Funding

$28M in 2 rounds

Latest Funding Round

Series A, May 17, 2024, $*****

Investors

Walkabout Ventures & 4 more

Ranked

2^nd among 16 active competitors

Employee Count

23 as on Apr 30, 2026

Similar Companies

One & 27 more

View Functional Finance's full profile

Functional Finance has raised a total funding of $28M over 2 rounds. Its first funding round was on Jul 08, 2023. Its latest funding round was a Series A round on May 17, 2024 for $*****. 2 investors participated in its latest round. Functional Finance has 5 institutional investors.

Here is the list of recent funding rounds of Functional Finance:

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
May 17, 2024	9224354	Series A	2098115	7886300	8204287	9386039
Jul 08, 2023	9318756	Seed	7303528	4468141	New Enterprise Associates & 2 more	Starr Companies

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View details of Functional Finance's funding rounds and investors

The founders of Functional Finance are Tony DeGangi and Rashmi Melgiri. Rashmi Melgiri is the CEO of Functional Finance.

Here are the details of Functional Finance's key team members:

Tony DeGangi: Co-Founder & CTO of Functional Finance and founder of 1 other company.
Contact Info: 3 email addresses
Rashmi Melgiri: Co-Founder & CEO of Functional Finance and founder of 1 other company.
Contact Info: 2 email addresses

View details of Functional Finance's Founder profiles and Board Members

Functional Finance's employee count trend

Functional Finance has 23 employees as of Apr 26. Here is Functional Finance's employee count trend over the years:

Employee count trend for Functional Finance

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Top competitors of Functional Finance include One, Ascend and InsurePay. Here is the list of Top 10 competitors of Functional Finance, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	One 2012, Folsom (United States), Series B	Provider of digital payment solutions for the insurance industry	$52.2M	Centana Growth Partners, AXA Venture Partners ... & 6 others	63/100
2nd	Functional Finance 2018, Benton (United States), Series A	Provider of a financial operations platform for insurance businesses	$28M	Starr Companies, Munich Re & 3 others	60/100
3rd	Ascend 2021, Palo Alto (United States), Series A	Provider of accounting automation platform for insurance retailers, intermediaries, and carriers	$39M	Index Ventures, First Round Capital & 31 others	56/100
4th	InsurePay 2003, Fort Lauderdale (United States), Series B	Cloud-based payroll management solution for businesses	$5M	Aquiline Capital Partners, FINTOP & 1 others	55/100
5th	ePayPolicy 2014, Austin (United States), Series A	Provider of digital payment solutions for the insurance industry	-	Serent Capital, LLR Partners	54/100
6th	SCIO Health Analytics 2007, West Hartford (United States), Acquired	Provides payment integrity solutions for healthcare organizations	$17.9M	Transformation Capital, SVB & 5 others	44/100
7th	VPay 1987, Plano (United States), Series C	Payment solutions provider for insurers	$76M	FTV Capital	41/100
8th	Simply Easier Payments 2006, Durham (United States), Seed	Payment solutions for insurance companies	$1.15M	-	31/100
9th	InsurPay 2011, Simi Valley (United States), Unfunded	Payment processing solutions	-	-	31/100
10th	SmartPay 2010, Southington (United States), Series A	Smarter insurance premium billing solutions for providers, agents, and policyholders	$1.4M	Connecticut Innovations, Stonehenge Capital ... & 1 others	28/100