Finway picks €9.2M to assist SMBs with budgeting and spending management

finway, based in Munich, has just received additional funding to assist SMBs in digitizing their budgeting and spending management processes. The fintech startup now has expansion ambitions.

ForceOverMass, well-known founders like the family office of Paul Forster, and fresh investors joined the €9.2 million raised in a Series A round, which was headed by Capital 49. Btov Partners and 10x Group, two exiting investors, also took part in the round.

The platform will be improved with the help of this new funding.

The economic ecosystem in Europe is built on SMEs. The majority of businesses are small and medium-sized enterprises, which play a crucial role in maintaining the economy’s growth. In actuality, there are over 23 million SMEs in the EU.

Although our world is becoming more and more digital, small companies are finding it difficult to keep up, and it’s been estimated that almost 80% of SMBs haven’t yet digitalized their financial processes.

There has never been a greater need for automated solutions that rationalize antiquated bookkeeping procedures and offer insight into current financial data. To develop its solution, German startup finway has recently secured additional funding.

finway, a company founded in 2020 by Csaba Krümmer, Jennifer Dussileck, and Philipp Rieger, seeks to transform SMB financial procedures. The idea is to empower financial teams so they can take back their position within organizations and refocus on strategic expansion rather than coping with archaic, complicated financial management.

Co-founder and CEO of finway Jennifer Dussileck says, “We are delighted by the support of ambitious, successful investors who see the potential of fintech in B2B. As cost control becomes more of a priority as a result of continuing economic challenges, the need for efficient and automated spend management has never been greater. The moment has come for finway to expand and move forward with our goal of establishing efficient, trouble-free financial processes in every SMB.

The Munich-based fintech platform replaces current financial tools with a single, centralized platform that manages spending and trip expense management as well as invoicing and accounting workflows. It aids SMBs in getting rid of several labor-intensive, erroneous manual duties. finway streamlines the complete accounts payable function by allowing intelligent and digital workflows.

Since its founding, the startup has acquired more than 400 clients throughout the DACH area, including MILES Mobility, Alasco, and Recup. It has also quietly grown into one of Germany’s fastest-growing B2B fintech platforms.

“It’s no secret that technology is reshaping the future of money and banking, and finway is rising to the challenge by developing a solution that automates financial processes and boosts productivity for SMBs,” says Jack Zhang, co-founder of Airwallex and Capital 49.

Jack Zhang added, “In addition to strengthening the ecosystem that supports our vision to reshape the future of financial services for contemporary companies, we are beyond thrilled to be leading the investment round.”

Image Credit: finway