“2020 was a year defined by uncertainty, and for financial professionals, uncertainty isn’t just a nuisance.” Trevor Oelschig, managing director of General Catalyst, said in a press release. “It can have a lasting impact on the future of a company. We’re excited to back Mosaic as the company continues to provide financial leaders with more insight and helps influence the trajectory of some of today’s fastest-growing businesses.”
Simplifying Business Financials and Forecasting the Future
Founded in 2019 by entrepreneurs Bijan Moallemi, Brian Campbell, and Joe Garafalo, the financial software startup company out of San Diego, California, seeks to help CFOs and company leaders to better understand the financial health of their businesses.
“It became increasingly clear to us that the issues we were running up against – disconnected cloud-based tools, manual data entry, and manipulation to track financial health – were universal, and that the office of the CFO was fundamentally broken,” Moallemi said. “In today’s fast-paced world, a delayed view of what happened ‘last month’ is no longer acceptable. We founded Mosaic to provide CFOs and their teams with tools that quickly and efficiently interpret data and allow for more informed decision-making.”
The SaaS platform designed by the startup company automates repetitive tasks usually performed by CFOs and business leaders, like data collection from enterprise IT, then consolidates the information into an easily digestible format. Through Mosaic’s platform, those tasked with managing business financials will not only be able to easily organize and comprehend the vast amounts of data, but will also be saving time and money due to the increased productivity of the software. Additionally, the startup’s software can create a “real-time, predictive forecast” to help business owners plan for the future.
The importance of financial software startups designed to help businesses, like Mosaic, has not gone unnoticed.
In 2018, the global SaaS market was valued at $134.44 billion. It is projected to grow at a compound annual growth rate (CAGR) of 13.1% through 2022 to reach a value of $220.21 billion. Additionally, the global financial accounting software market is expected to grow with a CAGR of 11.7% between 2018 and 2025, landing at a projected value of $10.37 billion. Mosaic’s likely competitor in the industry, Anaplan, posted a revenue of $348 million in 2020, an increase of 45% year-over-year.
Mosaic, a fintech analytics and planning software startup, successfully raised $18.5 million in its recent Series A funding round. Funds will be used to expand the startup’s team and accelerate development.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.