Germany's Finway clinched €9.2 million in series A funds led by Capital 49, the venture capital fund formed by the founders of Australian fintech company Airwallex.
Capital 49 invested alongside Force Over Mass and the family office for Paul Forster, co-founder of Indeed. btov Partners and 10x Group, both of which provided funds on Finway's inception in 2020, and undisclosed additional investors also participated in the series A round.
Founded in Munich by Jennifer Dussileck (CEO), Philipp Rieger, and Csaba Krummer, Finway hopes to replace fragmented SMB finance tools with a centralised interface that encompasses invoicing, accounting workflows, spending and travel expense management.
With its intelligent and digital workflows, Finway claims it is able to streamline all accounts payable functionality. It estimates almost 80% of EU small and medium-sized businesses are yet to fully digitise their finance procedures.
In the past two years, it has managed to bring on board 400 customers in the DACH region, with names the likes of MILES Mobility, Alasco and Recup already on-boarded.
Funding secured, Finway primarily will use the proceeds for product development, honing in its software UX with the additional resources.
Jack Zhang, Airwallex and Capital 49 co-founder, says Finway is "rising to the challenge" in delivering automation in financial processing and SMEs have bought into its platform.
"It’s no secret that technology is reshaping the future of money and banking, and Finway is rising to the challenge by building a solution that automates financial processes and increases efficiency for SMBs," Zhang said. "We are so excited to be leading the investment round, and strengthen the ecosystem that is aligned with our vision to reshape the future of financial services for modern businesses.”
Finway CEO and co-founder Jennifer Dussileck said: "We are thrilled by the support of ambitious, successful investors who see the potential of fintech in B2B.
"The need for efficient and automated spend management has never been greater, as cost control becomes more of a priority due to ongoing economic challenges.
"This is the time for finway to continue growing and proceed with our vision of productive, smooth, and hassle-free finance processes in every SMB.”
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