California-based AppZen Inc., a leading agentic artificial intelligence platform for finance teams, today announced it raised $180 million in a Series D growth funding round led by Riverwood Capital to scale up the company’s autonomous finance software.
Founded in 2012, the company incorporates generative AI to automate manual financial processes, such as accounts payable, corporate card management and travel and expense. The underlying platform uses AI agents, powered by more than 200 specialized ZenLM finance models that act as digital workers on the behalf of employees.
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AppZen’s flagship agentic product is the Mastermind AI Automation platform, which allows companies to describe business processes in straightforward logic. Finance experts can then turn their process knowledge into automated workflows without needing coding skills or information technology department support.
The company’s AI models are trained specifically for finance and semantic understanding, supporting customers across more than 40 languages and 60 countries. Enterprises can deploy the platform for multi-entity and multi-currency operations, helping them manage highly regulated and complex environments.
“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,” said co-founder and Chief Executive Anant Kale. “With many of the world’s largest companies already on AppZen, demand for autonomous finance has never been higher.”
According to AppZen, its Mastermind platform and other agentic tools help finance teams reduce manual review, reduce spend leakage and ensure regulatory compliance. By converting standard operating procedures into intelligent automated processes, the company says it can replace more than 50% of manual work while scaling operations without additional headcount or outsourcing.
For example, enterprises can use the platform to build approval workflows for common finance scenarios where AI agents act as digital team members. These agents can analyze expense approvals, make nuanced decisions based on company policies, and either approve or reject transactions. Although autonomous, they also recognize when a situation requires human judgment and will flag it for review.
Finance team feedback is used to further refine performance, with agents learning from interactions and completed tasks. Feedback from the finance team is used by the AI agents to refine and improve performance, including learning from team interactions and completed tasks.
“AppZen’s impact at Airbus was immediate,” said Waqas Aman, head of financial systems North America at Airbus SE, the European aerospace company. “It significantly reduced the workload for our T&E analysts, allowing them to focus on more strategic activities.”
In August, AppZen announced a partnership with Sales Innovation, a go-to-market firm, to expand its operations in the Asia-Pacific region. Together, the companies plan to market AppZen’s platform to B2B software providers across the region.
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