Growing gains

Houston fintech company forms partnership that allows for rapid expansion of its SaaS platform

A Houston-based fintech company has taken a huge step in the right direction for growth. Getty Images

Houston-based fintech company HighRadius Corp. has forged a partnership with Canadian conglomerate Thomson Reuters Corp. that will open up more markets for its enterprise software-as-a-service.

The partnership equips HighRadius to tap into the global network of Confirmation.com, a unit of Thomson Reuters. Confirmation's network features more than 1,000 banks. Credit managers at those banks will be able to use HighRadius' software to automate the credit process for online credit applications.

"This partnership will allow us to expand our credit inquiry solution to new markets," Mark Portanova, Confirmation.com's vice president of sales for the Americas, says in a release. "We will enhance workflows, reporting capabilities, and client authorization processes within the HighRadius platform. These measures will progress the traditionally slow, manual, and time-consuming credit approval processes … ."

HighRadius' AI-powered software is designed to streamline accounts-receivable and cash-management processes. For instance, HighRadius' Cash Application software relies on AI to comb through documents like emails and invoices to automatically match incoming payments with customers' accounts.

Sayid Shabeer, chief product officer at HighRadius, says the company's suite of product ultimately lets companies free up millions of dollars in working capital and reallocate employees' time to higher-value tasks.

Among HighRadius' customers are corporate heavyweights like healthcare giant Johnson & Johnson, apparel maker adidas, food company Danone, and Dr Pepper Snapple Group. In January, HighRadius reported it had passed the 350-customer mark last year and doubled the size of its European workforce.

"2018 was the year that the bets we've been making over the last few years started to pay off in scale," Sashi Narahari, founder and CEO of HighRadius, says in a release.

Among HighRadius' competitors are Billtrust, Rimilia Holdings, Cforia Software, and Financial National Information Services. The global market for credit management software is forecast to exceed $2.1 billion by 2022, up from $636.4 million in 2017.

HighRadius, founded in 2006, employs more than 1,000 people in North America, Europe, and Asia. Since its inception, HighRadius has raised more than $50 million from Philadelphia-based Susquehanna Growth Equity, and has collected strategic investments from banking behemoths Citi and PNC.

HighRadius recently hired Jon Keating as vice president and general manager of its Europe, Middle East, and Africa (EMEA) markets. Keating most recently was chief sales officer at San Francisco fintech company Taulia. Earlier in the year, the company tapped SaaS veteran Natalie Fedie as vice president of customer success to help propel its global growth.

"HighRadius continues to invest in talent across Europe and Asia to fuel its growth plans and keep ahead of the innovation curve," Shabeer says.

Last year, HighRadius moved its headquarters to 200 Westlake Park Blvd. in the Energy Corridor. More than 150 employees relocated there. HighRadius subleases the space from BP America.

"The expansion of HighRadius into the Katy area represents another high-tech company choosing to mature in our community," Lance LaCour, president and CEO of the Katy Area Economic Development Corp., said at the time. "HighRadius is projected to have an estimated regional economic impact of over $600 million over a five-year period."

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Building Houston

 
 

Moonflower Farms grows lettuce hydroponically. Courtesy of Moonflower Farms

A Houston urban farm has earned national recognition for its innovative approach to water conservation. Moonflower Farms won the American Heart Association's Foodscape Innovation Excellence Award, which recognizes positive changes in the foodscape, a term for all of the places where food is produced, purchased, or consumed.

The Heart Association selected Moonflower's submission, titled "Sustainable Farming Through Water Conservation," from 26 entries. Dallas' Restorative Farms earns the Foodscape Innovation Consumer Choice Award.

"These two innovations demonstrate a way of producing food that promotes affordability and equitable access, and the American Heart Association is proud to recognize these efforts," AHA chief medical officer for prevention Eduardo Sanchez said in a release.

Located in a 20,000-square-foot greenhouse south of downtown, Moonflower operates what it describes as Houston's first vertical indoor farm. The method both reduces the amount of space needed to grow the farm's microgreens, lettuces, herbs and edible flowers and it eliminates the disruptions caused by adverse weather conditions, which allows the farm to produce year round.

Moonflower uses a closed-loop system for capturing rainwater to feed its crops. The water is treated and oxygenated so that it can be reused. Not having to pay for water from the City of Houston allows the farm to operate more economically and sell its produce at an affordable price to restaurants and individuals.

"Our hydroponic farm uses 90-percent less water than conventional farms," Moonflower founder and CEO Federico Marques said in a statement. "We provide year-round produce to residents in historically underserved communities and donate produce to local charitable food systems."

One of those charities is Houston non-profit Second Servings, which "rescues" food from restaurants and events and distributes it to food pantries and other resources.

"The donations we receive from Moonflower Farms are incredible," Second Servings founder and president Barbara Bronstein said. "Their hydroponically grown greens are so appreciated by the needy Houstonians we serve, who lack affordable, convenient access to fresh produce."

Recently, Moonflower introduced a SupaGreens subscription box that allows customers to purchase greens weekly, bimonthly, or monthly. The box is delivered directly to consumers.

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This article originally ran on CultureMap.

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