New York: Stavtar Solutions, a leading SaaS provider specializing in business spend management and expense allocation for complex businesses, announced today that it has raised $55 million in Series A funding from global venture capital firm Elephant.
The investment marks a significant milestone in the company’s growth journey and will be used to enhance its platform capabilities, scale operations, and support rising enterprise demand.
Founded by Steven Petersen and Avtar Batth – former CFO and CTO respectively – Stavtar Solutions was born out of a shared frustration with legacy financial workflows in alternative asset management.
Also Read: Multipl Expands Spendvesting Model to MFDs via FundsIndia Partnership
The company’s flagship product, StavPay, empowers CFOs, finance teams, and operations leaders at hedge funds, private equity firms, and family offices to streamline their entire expense lifecycle – from vendor and contract management to automated payments, tax compliance, budgeting, and real-time analytics.
Hypergrowth and Enterprise Impact
Stavtar has witnessed 1300% growth over the last three years and now serves more than 100 leading alternative asset managers who collectively oversee $2.4 trillion in Assets Under Management (AUM). Its StavPay platform transforms traditionally manual processes into intelligent, automated workflows, significantly improving operational efficiency and business insight.
“This funding allows us to double down on our mission to eliminate outdated, disconnected financial systems,” said Steven Petersen, Co-founder of Stavtar. “We’re thrilled to partner with Elephant as we continue delivering innovative, enterprise-grade software solutions tailored for sophisticated financial institutions.”
Avtar Batth, Co-founder, added: “Stavtar was engineered to solve the real-world challenges faced by finance teams in high-complexity environments. With this capital, we will accelerate product innovation, build deeper AI and mobile capabilities, and expand into similarly complex verticals.”
Also Read: Eton Solutions Closes USD 58M Series C for Global WealthTech Expansion
What the Investment Will Enable
- Accelerated R&D and product innovation, especially within the StavPay ecosystem
- Expansion of integrated payment features, including virtual cards and automated vendor payments
- Hiring across engineering, customer success, and sales to meet growing global demand
- AI-powered insights and mobile-first spend control for finance teams and executives
- Entry into adjacent verticals with complex financial needs beyond alternative asset management
Peter Fallon, Partner at Elephant, will join Stavtar’s Board of Directors. Commenting on the investment, Fallon said: “Steve and Avtar have created a category-defining platform solving some of the most intricate financial pain points for leading firms. We’re proud to back Stavtar Solutions as they continue scaling and transforming the way complex enterprises manage spend.”
Global Expansion with Local Expertise
With offices in New York, Dallas, London, Mumbai, and Bengaluru, Stavtar Solutions is expanding its footprint to serve global clients with localized, regulatory-compliant tools that enhance productivity, reduce operational risk, and eliminate manual processes.
About Stavtar Solutions
Stavtar Solutions is the premier provider of business spend management and expense allocation SaaS platforms tailored for alternative asset managers and complex businesses. Its flagship product, StavPay, powers real-time visibility and control across financial workflows, serving clients managing over $2.4 trillion in assets. Headquartered in New York, the company operates globally with offices in Dallas, London, Mumbai, and Bengaluru.
