Private Company Stavtar Solutions Nets $55 Million Funding by Investor Elephant, Bolstering Ambitions to Propel Expansion and Intensify Operations
Stavtar Solutions, a leading provider of business spend management and expense allocation solutions, has secured a $55 million Series A investment from Elephant. The investment will be used to fund the expansion of Stavtar's platform, advance its integrated payments platform, and grow its engineering, implementation, customer success, and sales teams.
Founded by Steven Petersen and Avtar Batth, who previously served as a CFO and CTO respectively, Stavtar was built to fix outdated, manual, disconnected financial workflows in high-performing teams. The company's flagship platform, StavPay, automates workflows including vendor and contract management, invoice processing, expense allocations, payments, budget oversight, tax filings, and custom reporting. This creates a streamlined, data-driven approval process that offers CFO offices unprecedented real-time insight into their business spending.
Stavtar has experienced over 1300% growth in the past three years and is now used by more than 100 alternative asset managers overseeing $2.4 trillion in assets under management (AUM). The platform's expansion is accelerating, with the recent investment aimed at scaling operations, enhancing product innovation, and expanding integrated payment capabilities.
Peter Fallon, Partner at Elephant, expressed excitement about supporting Stavtar's vision and scaling its impact through continued market growth. Fallon stated that Stavtar has built a category-defining platform solving complex challenges in finance. He will join Stavtar's board of directors.
Stavtar's platform simplifies the process into approve or reject, providing real-time insights into businesses. The company aims to deepen AI and mobile capabilities for business spend control and insights. In addition, Stavtar launched StavMarket, a vendor discovery and benchmarking marketplace native to StavPay, further enhancing vendor management within the alternative investment ecosystem worth $2.4 trillion AUM.
Stavtar's mission is to eliminate manual work, reduce operational risk, increase productivity, and enable finance teams to move faster. The company's focus is on expanding its footprint into verticals adjacent to alternative asset management and other complex businesses.
This rapid adoption and innovation have significantly modernized the back-office operations of alternative asset management firms, shifting them from fragmented, manual systems to automated, data-intelligent workflows. This evolution helps these firms reduce operational bottlenecks, improve financial control and compliance, and gain deeper spending insights, which is increasingly critical amid growing regulatory complexity and margin pressures in the industry.
With the new investment, Stavtar is poised to continue its growth and transformation of the alternative asset management industry's approach to business spend and expense management. The company's innovative SaaS technology enables greater efficiency, control, and insight that supports the sector's growth and operational sophistication.
- The $55 million Series A investment from Elephant will be utilized to advance Stavtar's technology, specifically its integrated payments platform, as well as increasing the engineering, implementation, customer success, and sales teams for business expansion.
- The category-defining platform built by Stavtar, StavPay, is a solution that automates finance workflows such as vendor and contract management, invoice processing, expense allocations, payments, budget oversight, tax filings, and custom reporting, utilizing AI and mobile capabilities for business spend control and insights.
