Robotic process automation (RPA) technology is a term that’s becoming more and more common in fintech. And thanks to WorkFusion’s $50 million round announced today, it’s a trend that’s gaining even more footing.
This Series E investment was led by Hawk Equity and Declaration Partners, with contributions from previous investors Georgian Partners, iNovia Capital, and NGP Capital. WorkFusion’s total funding now stands at $118 million.
The company also announced today it has appointed former President Alex Lyashok as CEO. Lyashok will take the reins from Co-founder and former CEO, Max Yankelevich, who will transition to Chief Strategy Officer.
Hawk Equity Founder David Hawkins said that WorkFusion is a “clear leader” in leveraging intelligent automation for workforce efficiency. The company plans to use the $50 million to expand its global operations, which is essential to accommodate growing interest in RPA software. According to Lyashok, “Demand for our products grew 850% in 2017, reaffirming the power of AI to automate common business processes such as customer onboarding in banking, claims processing in insurance, or accounts payable in shared services.”
WorkFusion was founded in 2010 and is headquartered in New York City with offices in eight countries throughout Europe and Asia. At FinovateFall 2014, Yankelevich demoed how banks can leverage the company’s active learning automation technology to create workflow efficiencies. Last year, the company partnered with IBA Group to launch a Smart Application for customer support email processing.