Vienna-based fintech startup Finmatics, not to be confused with the field of finmatics that includes financial analytics, trading algorithms, and machine learning, has raised €6 million in a Series A funding round.
The capital arrives with Mangrove taking point, and existing investor eQventure participating. According to the startup, the funds will be used to continue product development as well as an expansion of its teams in Vienna and Berlin as the company aims to hire up to 20 new talents this year with a keen eye on additional European market expansion in 2024.
Another day, another implementation of AI. This time up, we’ve got the field of accounting and tax planning. By infusing the profession as old as currency with a healthy dose of artificial intelligence, Finmatics claims that it can shave up to 70% off the time it takes for tax advisors and accounting firms to manually complete business operations, i.e. accounting and document processing.
Founded in 2016, Finmatics operates as a cloud-based, hardware-independent and extension of existing accounting systems. The company now boasts a headcount of over 100 employees, and counts over 900 tax and accounting firms, and thereby some 50,000 clients, amongst its client roster, including the majority of the big-four, specifically noting KPMG.
"In view of the enormous challenges facing the tax advisor and accounting industry, automation using artificial intelligence is becoming increasingly important,” said Finmatics CEO and co-founder Christoph Prieler. “The great interest in our funding round reinforces this view.”