Just eight months after its founding, finway receives a seed funding round of 2.1 million euros. New investors include btov Partners, Andrej Henkler and other business angels. The previous investors around Felix Haas and the 10x Group also participated in the round.
The new capital is to flow primarily into the expansion of product development and customer support. The goal is to build the leading platform for planning, processing and controlling all corporate expenses for SMEs in Europe.
finway specifically addresses the needs of small and medium-sized enterprises and offers transparency and control over all budgets and expenses in real time. The platform enables close collaboration between finance and business departments to manage any expenditure and make payments via online banking or finway cards. In the future, the finway team will continue to expand the areas of purchasing, payments and financial planning through both its own products and integrations.
Luca Martinelli, Partner at btov, on the investment: “finway convinced us as a holistic solution in the area of expense management through a clear focus on product excellence. finway addresses a topic that concerns every SME and has managed to bring complex internal processes into an easy-to-use solution that covers the complete process around expenses. Our analysis has shown that most SMEs still handle the majority of these processes manually. Considering that there are more than 1.9 million SMEs in Europe, we see a huge market potential for a solution like finway. As we have known the company for quite some time, we have been able to witness finway’s rapid development with our own eyes.”
“finway solves a well-known problem for SMEs. Many businesses still use Excel, isolated tools or paper to manage their expenses. finway digitises and automates this work, providing finance departments with the transparency they need to deliver the right numbers to the business quickly and reliably. I am very impressed with what the team has already achieved in such a short time and convinced that finway has what it takes to become the market leader,” adds Felix Haas, 10x Group, founder of IDnow and Bits & Pretzels.
Jennifer Dussileck, Co-Founder of finway, says: “We chose btov as our partner because they can support us as an experienced investor with the right know-how and network. With finway, we want to achieve a leading market position in Europe in the coming years. The fact that our existing investors are securing further shares in the company shows that they are fully convinced of our team and our platform.”
finway was founded in 2020 by Csaba Krümmer, Jennifer Dussileck and Philipp Rieger with the vision of automating and radically simplifying the work of finance departments in SMEs. finway supports employees in organisations by providing efficient and automated financial processes so they can focus on the important things: Creating value for their customers.
btov Partners, founded in 2000, is a European venture capital firm focused on digital and industrial technologies. btov’s network of entrepreneurial private investors combines unique expertise and access to non-disclosed investment themes and founders. The digital tech team focuses on start-ups primarily in the areas of AI, digital health, fintech, SaaS, logistics and digital marketplaces. With offices in Berlin, Munich, St. Gallen and Luxembourg, the company manages assets of more than EUR 500 million. Its best-known investments include Blacklane, DeepL, Foodspring, Happify, ORCAM, Raisin, SumUp and XING.
The 10x Group are four Munich-based entrepreneurs who have successfully built several internet companies and invest in founding teams in Europe and Silicon Valley. www.10x.group