Finland’s Flashnode raises €2 million to begin entering new markets

Business process automation software startup Flashnode has raised €2 million led by Spintop Ventures.

Other investors in the round include Seedi, Accounting EMU, Peter Therman, Jaana Rosendahl, Angelma-Mäkelä Oy, Ari Korhonen, and Kirsi Eräkangas.

The Finnish company has been scaling its SaaS product in Finland and intends to enter the UK market. So far it has processed more than one billion transactions for nearly 100 customers.

“Companies are wasting $6.5 billion on handling processes manually, and now that SaaS based accounting is reaching mainstream popularity, the need for solving the problem is obvious”, said Lennu Keinänen, who was appointed CEO earlier this month. Predecessor Jani Karhunen now heads the company’s commercial roadmap.

“Flashnode’s founders have over 50+ years of software and IT entrepreneurial experience, and eight successful exits between them,” added Finn Persson, Partner at Spintop Ventures.

Flashnode has also partnered with a number of accounting software firms, including Sage, Quickbooks, and Exact, in Europe.

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