Financial AI platform for freelancers Collective has raised $50m in funding

Collective has announced that it has raised $50 million in funding to develop an online platform for freelancers. One of the investors was Google AI.

Here's What We Know

The funds are planned to support the launch of Collective's new AI-powered financial management offering. The company hopes that embedding AI across all operations will accelerate its growth and reach nearly 100,000 waitlisted users.

Collective offers services geared towards "business singles" including setting up a business, payroll, tax and accounting solutions. To simplify these tasks, the company has used large language models to develop AI assistants.

They help tax experts, accountants and account managers reduce the time it takes to complete processes such as bank reconciliation and expense categorisation.

Source: VentureBeat