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finway raises EUR 9.2 million in Series A financing round

Friday 24 February 2023 15:02 CET | News

Germany-based finance operating system for SMEs finway has received a Series A financing of EUR 9.2 million. 

The round was led by Capital 49, an early-stage venture fund led by the founders of fintech Airwallex. With the investment, finway aims to drive its growth and product development forward in order to help European SMEs better control costs by means of expense management and real-time budgeting software.

Another new investor is Force Over Mass, an FCA-regulated venture capital firm focused on early stage technology investments in the UK and Europe. It invests in B2B innovations in four sectors, namely fintech, artificial intelligence, SaaS, and Industry 4.0. Existing investors, including btov Partners, have also participated in the new investment round.


The need for digitisation

There are currently over 23 million SMEs in Europe. According to finway’s press release, the vast majority, approximately 80%, have not yet fully digitised their financial processes. The need for automated solutions that provide insight into real-time financial data and replace outdated, analog working methods in accounting has never been greater.

finway raises EUR 9.2 million in Series A financing round

A finway representative states that the need for efficient and automated financial processes has never been greater as cost control becomes more important due to economic challenges. The representative continues that this is the right time for finway to continue growing and for their vision of smooth financial processes to be realised in every SME.

Finway’s aim

finway replaces the fragmented SME finance tool market with a centralised platform. With its complete solution, finway covers expense and travel expense management as well as budget planning and preparatory accounting. As a result, SMEs can eliminate a large number of time-consuming and error-prone manual tasks and use intelligent workflows to completely digitise their accounts payable.

Since 2021, finway has gained over 400 customers in the DACH region, including MILES Mobility, Alasco, and Recup. The finway team plans to primarily use the new investment for the further development of its software solution in order to support the growing customer base.

Investors Airwallex and Capital49

According to an Airwallex representative, finway has developed a solution that automates financial processes and increases efficiency for SMEs. Airwallex and Capital49 led the investment round and plan to strengthen finway’s ecosystem which is aligned with the investor’s vision to reshape the future of financial services for modern businesses.

Source: Link


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Keywords: financing , investment, SME lending, SMEs, fintech
Categories: Banking & Fintech
Companies: Finway
Countries: Germany
This article is part of category

Banking & Fintech

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Finway

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