Berlin-based Airbank has raised $20 million in a Series A funding round led by Molten Ventures. The thrust will provide the craft with the lift needed to expand into several new markets, continue the development of both its product and technical offers, all the while beefing up the team size. To date, Airbank has clocked approximately $22.6 million hours on the flight deck.
Let’s call it like it is: running a business is never easy. Worse yet, keeping tabs on the finances is the stuff of nightmares. According to Airbank, on average, employees dedicate more than 4 hours per week to any number of repetitive (read: boring AF) finance-related tasks including expenses and budgeting. Yawn.
Now, I don’t know about you, but those are 4 hours a week that I’d much rather be creating something of use rather than being used to create something.
“We’re leaning heavily into full automation of financial management. We free up customers from worrying about mundane finance tasks, so they can focus on growing their businesses.” - Airbank co-founder Chris Zemina.
Airbank is currently integrated with more than 2,000 banks and financial service providers including Deutsche Bank, HSBC, and PayPal, and reports that its get-it-up-and-running procedure is so simple that, “95% of our users got Airbank up and running in 30 minutes.”
While certainly not alone in the cash flow management or accounts payable optimisation sector, Molten’s Vinoth Jayakumar sees something special in Airbank.
“While massive companies have been built by becoming the integrated platform for various business functions, there has yet to be an obvious winner in corporate finance. We've been spending the last few months thinking about how the finance software stack will evolve and we're super excited about the platform Airbank is building to be the hub of where all financial decisions are made.”
A strong prophecy to be sure. Only time will tell if Airbank buzzes the tower or pulls the pin on the ejector seat.
In addition to Molten’s lead, Airbank’s $20 million Series A round saw the participation of existing investors New Wave, Speedinvest, and Entrepreneur First alongside angel investors Bruce Wallace (Strategic Advisor at Brex), Guillaume Cabane (Strategic Advisor at Ramp), and Cris Conde (Senior advisor to Accel Partners).