Photo courtesy of ScaleFactor

Just a few years ago, ScaleFactor graduated from the 2017 Austin TechStars program and raised a few million dollars.

On Thursday, the Austin-based company announced it has raised $60 million in a Series C round of funding, just seven months after closing its $30 million Series B round. To date, the company has raised a total of $103 million.

ScaleFactor is one of Austin’s fastest-growing startups. Silicon Hills News named it one of the top 25 hottest Austin startups to watch this year.

Coatue Management led the round with participation from existing investors Bessemer Venture Partners, Canaan, Broadhaven Ventures and Firebrand Ventures. New investors include Vulcan, Stripes Group and NextPlay Capital.

ScaleFactor makes an online financial software platform for small to medium-sized businesses to handle tasks such as payroll and bookkeeping. The company plans to use the new funding on product development and sales.

“Listening closely to our customers over the years, we’ve learned small business owners care about three factors above everything else: saving time, saving money and scaling their businesses,” Kurt Rathmann, founder and CEO of ScaleFactor, said in a news release.

With the additional funding, ScaleFactor plans to branch out into a new area by providing financial resources to small and medium-sized businesses.

ScaleFactor helps small and medium-sized businesses organize financial data in one place and extract value from that data. It’s a software as a service platform that starts at $399 a month.

“ScaleFactor is building the most comprehensive financial SaaS platform on the market for SMBs,” Thomas Laffont, Coatue’s co-founder, said in a news release. “ScaleFactor is the back-office connection point that simply makes it easier to run a business. We are very pleased to invest in and support ScaleFactor on their path toward market leadership in the fintech sector.”