US fintech Mosaic secures $25m Series B funding

US fintech start-up Mosaic has raised $25 million in a Series B funding round, bringing its total funding to date to $46 million.

Mosaic plans to use the cash to hire more staff

The round was led by Founders Fund and saw participation from existing investors General Catalyst, XYZ Venture Capital, Fifth Down Capital and Friends & Family Capital.

The Mosaic platform was launched in 2019 and was designed to ‘reboot’ financial planning and analysis (FP&A) within companies and make the role of chief financial officer easier and more effective.

Mosaic’s “strategic finance platform” centres around data integration, real-time analytics and agile planning and provides finance leaders full control over what data they want to analyse without the need for technical skill sets.

Mosaic CEO Bijan Moallemi says the company is “breaking down data silos, bringing all the pieces of a company’s puzzle together and empowering chief financial officers to focus more of their time and effort on forward-looking growth initiatives”.

“A wave of department-specific cloud solutions has fragmented company data. And there hasn’t been a strong enough solution to help finance teams at high-growth companies handle that fragmentation to move beyond legacy FP&A processes,” Moallemi adds.

The California-based company says the Series B cash will go towards expanding its product development and go-to-market teams as it adds new financial services to its product suite, including a new topline planning component set to debut this year.

Mosaic chief operating officer Joseph Garafalo says: “Highly skilled finance professionals spend a majority of their effort wrangling data together from a dozen tools just to unlock basic facts about their business.

“Mosaic is building the connective tissue that automates this process so finance teams can spend less time in the back office and more time playing the part of a strategic business partner.”