Kyiv's Finmap clinched a €1 million round recently led by SMOK Ventures, marking the US-Polish VC's first investment in a Ukrainian company.
Further participants include investment fund Presto Ventures, Capital Genetics and Petre Baron, CEO of Bulgaria's tbi bank.
Cash secured, Finmap is continuing its localisation drive to spearhead Polish and Turkish expansions, as well as marketing in English and Spanish-speaking countries. Proceeds will also support fresh hires while its overseas presence has been elevated in the last 12 months, with paid-for foreign users now accounting for 36% of its clientele, from 11% previously.
Thousands of SMEs depend on Finmap's simplified interface to ease balance sheet management.
Relayed via web browser and an iOS app, the cloud-driven analytical engine provides real-time earnings visibility while the interface is orchestrated via three tabs: income, outgoings and balance transfers, with integrations to 2,800 banks throughout Europe, in addition to Wise, PayPal, Revolut and other money services.
Adding feature capacity for invoicing is next on Finmap's agenda, bringing further ease of access to its offer.
In April 2022, Finmap co-founder Ivan Kaunov was enrolled as a reserve officer in Ukraine's armed forces. He was wounded in action but returned to the command of air intelligence on standby, attentively keeping up with his startup's in-tray in civilian life with the help of fellow co-founder Oleksandr Solovei, who serves as CEO.
Solovei said: "Despite constant challenges, we continue to develop our company and scale in new countries. Our mission is to help entrepreneurs better understand their businesses, by means of an “easygoing” product, that solves everyday cash flow management issues better and more efficiently, than an Excel sheet.
"We observe a positive trend regarding increasing Finmap’s presence in Central Europe. We are actively adding new integrations with local banks and establishing partner relations. In the past year, we managed to double the number of our users.”
The company started in 2019, raising an initial round of funding in its sophomore year. In 2021, Solovei and Kaunov were joined by Dymitro Dubilet, formerly of Ukrainian challenger bank monobank, and a second round of funding was raised.
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