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AppZen, the leading Agentic AI platform for finance teams, announced it has raised $180 million in growth funding. The Series D round was led by Riverwood Capital, a top investment firm focused on scaling high-growth technology companies.
The funding will accelerate AppZen’s mission to bring agentic AI to enterprises, transforming finance operations with AI-powered digital coworkers that replace manual processes, reduce costs, and improve compliance.
AppZen raises $180M Series D funding led by Riverwood Capital.
Platform serves 500+ global enterprises, including 65+ Fortune 500 companies.
AI Agents automate workflows in T&E, accounts payable, and corporate card programs.
Mastermind AI Platform enables CFOs to replace over 50% of manual work.
Global AI market projected to reach $1.7T by 2032; finance seen as a key growth area.
Riverwood Capital leaders join AppZen’s Board of Directors.
AppZen has established itself as the AI-native platform for autonomous finance, powered by its proprietary ZenLM models and the Mastermind AI Automation Platform. Its AI Agents streamline workflows across travel and expense, accounts payable, and corporate card programs—helping enterprises cut costs and reallocate up to two-thirds of manual workload to higher-value activities.
The company’s technology has already delivered over $2 billion in savings for its customers, with more than 500 enterprises worldwide, including over 65 of the Fortune 500, relying on AppZen to automate finance functions.
“We're thrilled to welcome Riverwood Capital as a partner in our mission to bring agentic AI to every finance team,” said Anant Kale, Co-founder & CEO at AppZen. “Riverwood's scale-up expertise and global network will help us accelerate the deployment of Mastermind AI Agents, so finance workflows can run on autopilot. With many of the world's largest companies already on AppZen, demand for autonomous finance has never been higher. Together with Riverwood Capital, we'll meet that customer need at scale and realize the full opportunity to reimagine how CFOs run finance.”
The funding will enable AppZen to accelerate adoption of its agentic AI platform, turning standard operating procedures into configurable, production-ready AI coworkers. This shift will allow CFOs and controllers to scale operations without increasing headcount or relying on business process outsourcing.
Enterprises worldwide are under pressure to cut costs, combat fraud, and manage compliance in complex global environments. The adoption of AI is rapidly accelerating: according to Fortune, the global AI market is expected to grow from over $290 billion in 2025 to $1.7 trillion by 2032. Gartner further estimates that by 2028, one-third of enterprise applications will embed agentic AI capabilities.
“AppZen is at the forefront of a massive shift in how global enterprises leverage AI and automation to drive efficiency and scale their operations,” said Francisco Alvarez-Demalde, Co-Founder and Managing Partner at Riverwood Capital. “We are excited to partner with Anant and his exceptional team, whose vision and execution have made AppZen the category leader in autonomous finance for the enterprise and positioned the company to transform how businesses manage, audit, decide, and run expenses and payables.”
AppZen’s models provide deep semantic understanding across 40+ languages and 60+ countries, supporting multi-entity and multi-currency finance operations. Customers like Airbus have seen immediate impact from the platform.
"AppZen's impact at Airbus was immediate," said Waqas Aman, Head of Financial Systems North America, Airbus. "It significantly reduced the workload for our T&E analysts, allowing them to focus on more strategic activities. The platform helped us identify ambiguities in our T&E policies and eliminate inconsistent micro-policies throughout the company."
The company also recently introduced Mastermind AI Studio, allowing enterprises to modernize standard operating procedures into AI Agents without coding or IT expertise. This innovation enables businesses to deploy AI-driven digital workers that reduce headcount costs, improve compliance, and speed up finance processes.
J.P. Morgan served as the sole placement agent for the transaction.
AppZen is the leader in autonomous finance operations, providing enterprise-grade, agentic AI for finance teams at Fortune 500 corporations and global companies such as Amazon, Boeing, Salesforce, Novartis, and JPMorgan Chase. AppZen's customers rely on its finance AI to help transform their finance processing of T&E, corporate card, and accounts payable transactions into autonomous finance operations. AppZen processes millions of transactions globally, delivering unprecedented efficiency, accuracy, and compliance for its customers. For more: visit www.appzen.com
Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood was founded in 2008 and has had the opportunity to invest in and support over 85 companies since inception, which have grown revenues at ~35% per year on average during that period. The Firm has offices in Menlo Park, CA, Miami, FL, New York, NY, and São Paulo, Brazil. For more: visit www.riverwoodcapital.com
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