Ukraine-based cash flow management service for businesses, Finmap has raised $1.2 million for further expansion. The round saw the participation of Presto Ventures, Sturgeon Capital, SID Venture Partners, startup incubator Startup Wise Guys and investment companies BRISE Capital and TBI Bank CEO Peter Baron.
The fresh funds will be used to expand its team of developers, increase marketing and extend service into Central and South Europe to meet the needs of users in these markets. Going forward, it will also look at further integration with new banks and CRM systems and add an invoicing option this year.
Founded in 2019 by serial entrepreneurs Alexander Solovey and Ivan Kaunov, the startup is on a mission to make the cash flow management process for modern businesses simple and convenient, with accessible functionality and a user-friendly interface. Synchronising with user accounts via an API, it allows business owners to set up a payment schedule, making it possible to delegate the data entry process.
With subscriptions for small and medium-sized businesses starting at about $14 per month, the service ensures anonymity and security of data storage.
Talking about expansion across Europe, founders Alexander Solovey and Ivan Kaunov said: "Technological approaches in money management will help to effectively control and develop your company. Currently, we are working with companies from 12 countries, with plans to expand into Poland, the Czech Republic, Spain, and Turkey."
"Finmap’s ability to adapt and implement what they envisioned is a key hallmark for a successful company in this area. This was the main reason why we decided to lead the current investment round with the vision of expanding the service's presence, first in Europe and then globally," Roman Novacek, partner at Presto Ventures said.
At the beginning of 2021, Dmitry Dubilet, who is also the co-founder of the fastest-growing non-bank in Europe Monobank, joined the team. In 2021, the company attracted a round of investments from Ukrainian and European venture capitalists. Over the past year, the team has grown eight-fold, from 7 to 58 specialists.