Istanbul-based Paraşüt, or Parachute, develops a cloud-based invoice and financial management platform. It recently announced a partnership with Akbank Direct to allow for bank transfers through the startup’s platform.
The new funds will be used for further development of the product, according to Paraşüt, which was founded in 2013. This Series B round marks the company’s third batch of funding, having previously raised a Series A of $1.9 million from Ribbit Capital.
Cofounder Sean Yu told Teknoyo that Turkey’s growing SME sector is providing Paraşüt with its biggest opportunity and is currently serving 110K companies through trials, free usage, and paid services.