Dive Brief:

• Singapore-based software startup Bunker announced Tuesday that it has secured more than $5 million in two funding rounds for its financial analytics platform.

• The company is part of a growing field of software vendors that are competing for a share of the rapidly expanding global market for tools designed to automate corporate finance functions. Bunker’s platform in particular is targeted at pain points related to financial planning and analysis.

• “In today's economic landscape, CEOs and CFOs are holding their finance strategies to the highest standards, but monthly FP&A cycles fall short — they’re still too shallow and too slow,” Bunker CEO Shivom Sinha said in a press release. The company’s software speeds up the process of analyzing large amounts of financial data, according to the release.

Dive Insight:

The enterprise financial management software market was valued at $8.2 billion in 2022 and is projected to reach $21.8 billion by 2030, according to an April report from Verified Market Research.

“There is a growing demand for financial management solutions that offer advanced reporting and analytics capabilities to help businesses gain insights into their financial performance and make data-driven decisions,” the research firm said in a report summary.

The Asia-Pacific and Latin America regions are among emerging markets that present a significant growth opportunity for vendors, according to the summary. However, cybersecurity concerns pose a “major restraint for the market, as businesses are hesitant to adopt financial management software solutions that may put their sensitive financial data at risk,” it said.

Bunker says its platform is capable of helping businesses to save 10%-15% of their annual operational expenses by allowing executives to dive deeper into transaction-level financial data, in a quick and efficient manner. The software vendor’s customer base spans markets such as Singapore, Indonesia, the Philippines and Hong Kong, according to the Tuesday release.

The funds that were raised will be invested toward product development, growing the company’s team and accelerating its “go-to-market strategy,” Sinha said in an emailed statement.

“Bunker’s plan over the next year is to build on the foundations we’ve solidified in stealth so far,” he said.

The company’s investors include venture capital firms Alpha JWC, headquartered in Indonesia, and January Capital, based in Singapore.

In May, Israeli finance tech startup Firmbase, which provides a platform designed to allow CFOs and finance teams to quickly build budgets and financial forecasts, announced the completion of a $12 million funding round, led by venture capital investment firm S Capital. In March, U.K.-headquartered financial forecasting startup Ramp said it closed a $5 million funding round led by investment firms AlbionVC and Eurazeo.