Spain's Banktrack secures €2M Seed round

Digital payments are likely to remain a dominant trend in Spain's fintech sector.
Spain's Banktrack secures €2M Seed round

Banktrack, a Spanish treasury management software for SMEs, has extended its funding round to 2M.

The capital raised in this funding round will be used to enhance the functionalities of the treasury monitoring software, as well as to expand the customer service and sales teams, with the goal of accelerating growth in Spain before expanding to other international Markets.

Banktrack aims to offer more control over expenses and revenues for small and medium-sized enterprises, startups, and freelancers. The tool provides control of current and future income and expenses, as well as a financial alerts service via WhatsApp and email. Since launch, Banktrack has acquired 500 clients and expects to reach 2,000 clients by the end of the year.

The round was led by Kfund, 4 Founders Capital, and LifeX, with participation from around twenty business angels experienced in founding tech companies and support from ENISA. In 2022, entrepreneurs David Álvarez , Nacho González-Barros,and Carlos Pérez founded Banktrack with an initial investment of 1M.

"The funding round will allow us to drive our growth to validate the business model in Spain this year. Once achieved, the goal in 2025 will be to start operations in other European countries," said co-founder Nacho González-Barros.

"We have identified a real demand for software that enables small business owners to manage their treasury much better, thus saving them time. At Banktrack, we are solely focused on helping SMEs control their expenses and revenues, so we have dispensed with other complex accounting-related functionalities that many do not need because their accounting firms already handle them. Precisely, this focus on a specific area allows us to be highly competitive and offer a much simpler and more intuitive user experience." 

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