CIBC has announced that it has provided an upsize to its growth capital financing facility with Jirav. The company will use the financing to further accelerate product development. In addition to this CIBC will broaden its customer base across SMBs, mid-market companies and accounting firms while hiring talent to support its growth.
Jirav is a budgeting, forecasting, dashboarding and analytics solution for small to medium-sized companies and accounting firms. Its software enables customers with real-time reporting and collaboration, helping them understand the company’s financial journey and future objectives.
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CIBC was recently revealed to have the best customer satisfaction for a bank in Canada. This is after it achieved a score of 692, based on a point system of 1000. It narrowly edged out BMO Bank of Montreal, which achieved a score of 691. This is according to a report by JD Power. CIBC also recently provided financing for Clearhaven’s investment in workplace experience platform, Korbyt.
Investment marks yet another stride in our journey for Jirav
Martin Zych, CEO of Jirav, said: “At Jirav, we view our customers, whether they are accounting firms or businesses, as pivotal opportunity creators shaping the economy. Every day, they tell us that strong forecasts and rapid responses are essential for them to navigate everything from AI advancements to global conflicts. Jirav empowers them to build resilient financial forecasts and plan across multiple scenarios, shedding the constraints of error-prone outdated technologies. This fresh infusion of capital from CIBC Innovation Banking marks yet another stride in our journey, fortifying our commitment to equipping these opportunity creators with the capability to not just navigate, but to master the tides of change.”
Robert Rosen, Managing Director in CIBC Innovation Banking’s Toronto office, added: “We’re thrilled to support Jirav’s efforts to empower SMBs and mid-market companies with its all-in-one financial planning and analysis solution. We look forward to supporting the team as it continues to scale.”
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