Automating the Finance Function

In this edition of Founder’s Hustle, we spotlight Ajinkya Tanpure, the founder of CrossVal, a startup automating the finance function through AI. 

A Spark of an Idea

Ajinkya’s entrepreneurial journey began with a problem that kept him up at night—literally. Throughout his experience in venture capital and private equity, he frequently encountered the same frustrating challenge while working on due diligence. As due diligence progressed, CFOs and finance teams would struggle to consolidate financial data. “It was a massive pain point,” Ajinkya recalls. “Metrics and financial elements were scattered across Excel sheets, PDFs, and other sources, with no structured way to organize or analyze it all.”

One sleepless night, reflecting on this recurring issue, the seed of an idea began to take shape. By morning, he was sharing the idea with trusted mentors who encouraged him to take the leap. What started as a raw concept evolved into a more polished and comprehensive solution, aiming to streamline the finance function and automate financial planning and analysis.

Thoughts on Hiring

While not a developer by trade, his early prototypes for CrossVal were built using no-code platforms like Bubble, but he quickly realized the need for specialized technical expertise. He eventually found his current Head of Engineering, Karan Jhaveri, through a job posting he made on LinkedIn. “I came across his profile and thought, why not have a chat?”. Their shared vision and Karan’s technical strengths made him the perfect fit.

As the team grew to seven members, Ajinkya focused on finding individuals with a growth mindset. “Hiring is always tricky,” he admits. “You’re taking a bet on individuals, but aligning on values and resilience makes all the difference.” His hiring process was refreshingly straightforward. “I’d get on a call, ask about their day-to-day lives, their creative pursuits, and problem-solving approaches. It was about understanding their mindset more than their technical skills.” This simple yet effective approach has helped Crossval build a team aligned with its mission and culture.

The CrossVal Proposition

Crossval automates the finance function for businesses using AI. “We started as a B2B SaaS platform scaling to $30,000 in MRR,” Ajinkya explains. Building on this success, CrossVal is working on an AI agent for accounting capable of transforming raw bank statements into comprehensive financial reports, budgets, and statements within minutes. “It’s about digital transformation for finance,” he says.

Early Traction

Crossval’s journey began with a cold call that led to an introduction, which ultimately secured their first client. In the early days, many of CrossVal’s clients were startups, who were more willing to adopt new technologies and had faster sales cycles—often closing deals in as little as a week. The feedback gained from servicing these customers helped refine the product. 

Fast forward to today, Crossval boasts a roster of marquee clients, including Cafu and the Dubai International Financial Center (DIFC), with much of its growth driven by word-of-mouth. The startup’s credibility was further strengthened by recognition from Deloitte’s Fast 50 program and its participation in the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator, which provides valuable opportunities for forging partnerships with key government organizations.

Selling in the US?

Crossval's client base is primarily concentrated in the UAE (75%), followed by Saudi Arabia (15%) and the rest of the world (10%). Interestingly, 75% of its organic website traffic comes from the US, suggesting untapped potential in American markets. “The pain point we’re solving resonates universally,” Ajinkya notes. He adds that while the sample size is still relatively small, clients in the UAE and Saudi Arabia tend to have a higher lifetime value due to their emphasis on human relationships, unlike Western clients who prefer self-service, product-led solutions.

Never-Ending Iteration

Crossval raised a $250,000 pre-seed round at the end of 2023, with backing from prominent angel investors, including executives from Mubadala, Visa, and IBM Middle East. As the company prepares to launch its AI agent and raise a seed round, Ajinkya reflects on the startup journey. “Your heart wants to fall in love with what you’ve built, but startups require relentless evolution,” he says. For fellow founders, his advice is simple: “Stay open to the process, trust in the grind, and embrace the lessons each iteration brings.”

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