Stavtar Solutions, a provider of SaaS solutions for business spend management and expense allocation, has raised $55m in Series A funding.
The investment, a minority stake, was led by growth equity firm Elephant and will support Stavtar’s plans to accelerate its product development and expand operations globally.
Stavtar offers a highly specialised platform designed to automate complex financial workflows for alternative asset managers. Its flagship solution, StavPay, supports vendor and contract management, invoice processing, budget planning, third-party payments, and custom reporting. The system transforms finance team processes into streamlined approval workflows while providing real-time insights into business spend.
The new funding will drive continued innovation across Stavtar’s platform, including enhancements to its integrated payments infrastructure such as virtual card issuance and vendor payments. It will also be used to grow engineering, sales, implementation, and customer success teams to support rising demand.
Stavtar is also working to deepen its artificial intelligence and mobile capabilities to give CFOs and finance teams more control and visibility over their expenses. It plans to expand its customer base beyond alternative asset managers to serve other complex enterprises with similar financial challenges.
The company was co-founded by Steven Petersen and Avtar Batth, who previously worked as CFO and CTO, respectively. Having experienced first-hand the inefficiencies caused by spreadsheets and fragmented tools in alternative investment firms, they set out to build a customisable, data-driven solution for finance and operations teams.
Stavtar has seen impressive growth, with revenues increasing over 1300% in the past three years. It now serves over 100 clients managing more than $2.4tn in assets under management. The platform has become the system of choice for hedge funds, private equity firms, and family offices globally.
Stavtar co-founder Steven Petersen said, “We built Stavtar to fix what we could not ignore – outdated, manual, disconnected financial workflows holding back high-performing teams. Our partnership with Elephant empowers us to focus on what matters most – delivering innovative, enterprise-grade solutions to our clients. We are excited to grow faster, go further, and continue pushing the boundaries of what is possible in software for complex businesses.”
Stavtar co-founder Avtar Batth said, “We engineered Stavtar to address the real pain points faced by complex businesses. This investment enables us to accelerate the development of a scalable, intelligent system designed specifically for the financial and operational realities of alternative asset managers and other sophisticated enterprises.”
Elephant partner Peter Fallon, who will join Stavtar’s board of directors, said, “Steve and Avtar have built a category-defining platform that solves the complex, high-value challenges confronting some of the most discerning firms in finance. We are thrilled to support Stavtar’s vision and help scale its impact through continued market growth.”
Stavtar operates from offices in New York, Dallas, London, Mumbai, and Bengaluru.
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