All Access

Fintech Deals

Standard

Fintech Deals Alerts

Alert

Fintech Deals Thought Bubble

Thought Bubble

mustard

BFD Expert Voices - Private Credit

BFD Expert Voices

Iconiq Growth led a $100 million Series E investment in FloQast, the company tells Axios exclusively.

Why it matters: The round reaffirms the company's unicorn status with a product that streamlines the work of accountants.

Context: The founders developed FloQast to automate the reconciliation process. 

Over time, it has expanded into additional workflows within the office of the CFO, and it now has 2,600 customers, including companies like Twilio, Zoom, and Snowflake.

FloQast received a $1.6 billion valuation in the round, which included BDT & MSD Partners, WiL (World Innovation Lab), Meritech Capital, and Sapphire Ventures.

Flashback: FloQast last raised $110 million at a $1.2 billion valuation in 2021.

The big picture: "On the workflow side, the controller wanted a one-stop shop for understanding the status of everything and when the work would be done," CEO Mike Whitmire says.

That led to expanding its suite of project management tools for accounting teams.

"The next opportunity we saw was looking at some of the processes that occurred downstream from the close, where we have all this data," which resulted in the development of compliance tools, he says.

Between the lines: Iconiq Growth has invested in a number of startups providing financial services and tools for the Office of the CFO, including Ramp, HighRadius, Coupa, Pigment and Blackline.

Along with the funding, Iconiq Growth general partner Roy Luo will join the company's board.

"Users in this space are particularly picky about the tools and software they use," Luo says. "The secret sauce [at FloQast] was that the founding team were CPAs themselves. So they live by this philosophy of being built by accountants for accountants."

What they're saying: "We [raised] this money to invest heavily in the product and continue to execute on the platform vision. I think we can provide more value for the controller," Whitmire says.

Editor's note: This story has been corrected to note that FloQast became a unicorn in its 2021 raise (not with the most recent investment).

Exclusive: FloQast raises $100M at a $1.6B valuation

Iconiq Growth led the deal for the accounting software platform company.

Illustration of a calculator with dollar signs on the screen.

Fintech

Iconiq Growth led a $100 million Series E investment in FloQast, the company tells Axios exclusively.Why it matters: The round reaffirms the company&#x27;s unicorn status with a product that streamlines the work of accountants.

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

charlotte

boulder

detroit

kansas-city

columbus

austin

dallas

atlanta

washington-dc

nw-arkansas

chicago

indianapolis

nashville

richmond

colorado-springs

houston

san-francisco

seattle

boston

des-moines

salt-lake-city

philadelphia

denver

phoenix

new-orleans

miami

twin-cities

raleigh

san-antonio

portland

san-diego

tampa-bay

cleveland

huntsville

pittsburgh

axios-local

axios-pro

axios-live

the-axios-show

Exclusive: FloQast raises $100M at a $1.6B valuation

What to read next