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NEW YORK, Aug. 6, 2025 /PRNewswire/ -- Stavtar Solutions, a leading provider of business spend management and expense allocation SaaS for complex businesses such as alternative asset managers, today announced a Series A investment of $55 million from Elephant. The minority investment will fuel the next phase of expansion for the platform that has revolutionized how complex businesses are managing their business spend, expense allocations, vendors, contracts, budgets, payments, and more. It will drive continued product innovation, expansion of integrated payment capabilities within its flagship product StavPay, as well as hiring to meet rapidly increasing demand.
Co-founded by Steven Petersen and Avtar Batth, a former CFO and CTO respectively, Stavtar was created to solve a problem they lived firsthand: the overwhelming reliance on manual processes and spreadsheets to manage business spend and expense allocations within alternative asset management. With years of navigating operational bottlenecks and fragmented systems, they set out to build a modern, customizable, data-driven platform designed specifically for the needs of finance and operations teams at hedge funds, private equity, family offices, and other complex businesses. Stavtar has grown over 1300% in the past three years and is now the platform of choice for more than 100 alternative asset managers overseeing $2.4 Trillion in AUM. The StavPay platform powers automated workflows for vendor, contract and invoice management, expense allocations, third party payments, budgets, tax filings, custom reporting, and more. It turns their clients' entire process into approve or reject, while giving them insights into their business like never before, in real time.
"We built Stavtar to fix what we could not ignore – outdated, manual, disconnected financial workflows holding back high-performing teams," said Steven Petersen, Co-Founder of Stavtar. "Our partnership with Elephant empowers us to focus on what matters most – delivering innovative, enterprise-grade solutions to our clients. We are excited to grow faster, go further, and continue pushing the boundaries of what is possible in software for complex businesses."
"We engineered Stavtar to address the real pain points faced by complex businesses," said Avtar Batth, Co-Founder of Stavtar. "This investment enables us to accelerate the development of a scalable, intelligent system designed specifically for the financial and operational realities of alternative asset managers and other sophisticated enterprises."
This milestone empowers Stavtar to:
- Drive innovation across its portfolio of solutions.
- Grow the engineering, implementation, customer success, and sales teams.
- Advance its integrated payments platform, including virtual card and vendor payment capabilities.
- Deepen AI and mobile capabilities to put business spend control and insights directly in the hands of CEOs, CFOs, and finance teams.
- Expand footprint into verticals adjacent to alternative asset management and other similarly complex businesses.
Peter Fallon, Partner at Elephant, will join Stavtar's board of directors. "Steve and Avtar have built a category-defining platform that solves the complex, high-value challenges confronting some of the most discerning firms in finance," said Fallon. "We are thrilled to support Stavtar's vision and help scale its impact through continued market growth."
With offices in New York, Dallas, London, Mumbai, and Bengaluru, Stavtar is scaling with focus, giving finance teams the tools they need to eliminate manual work, reduce operational risk, increase productivity, and move faster.
About Stavtar
Stavtar is the premier provider of business spend management and expense allocation SaaS solutions built for the Office of the CFO in complex businesses like alternative asset management. Headquartered in New York, with a global footprint spanning Dallas, London, Mumbai, and Bengaluru, Stavtar was founded by seasoned professionals from the alternative asset management industry.
Our flagship business spend management and expense allocation platform, StavPay, empowers over 100 leading alternative asset managers, collectively overseeing more than $2.4 trillion in AUM.
To learn more, visit www.stavtar.com.
About Elephant
Elephant is a venture capital firm focused on the enterprise software, consumer internet, and mobile markets.
