Stripe alumni challenge banks with AI financial home for startups

Seapoint, a financial platform for European startups, has raised $3 million in pre-seed funding. The round was led by Frontline Ventures with participation from Tapestry VC and former COOs of Stripe, Revolut, Tide, and Tines.

Seapoint is building a unified financial platform for growing European companies, combining business accounts, corporate cards, payments, and treasury management in one place. Its AI automates time-consuming finance tasks, processing invoices from email, managing payroll, categorising expenses, and generating reports, so work that once took hours happens in the background.

This approach addresses a gap in the market, as mid-market firms with 10 to 250 employees are often too large for consumer-focused neobanks yet not large enough for traditional corporate banking.

In interviews with more than 50 VC-backed founders, Seapoint found that financial stacks are fragmented, manual, and costly, with companies typically using four to six tools, managing multiple bank accounts, relying heavily on accountants, and earning little or no interest on deposits. By bringing these tools together and automating workflows, Seapoint seeks to lower costs, provide greater clarity, and turn savings and interest into additional months of runway.

Seapoint Founder and CEO Sean Mullaney was previously European CIO at Stripe, CTO at AI unicorn Algolia, and has advised the ECB and the Bank of England. He’s joined by former colleagues from Stripe's European payments team and executives from Tide. Many on the team, including Mullaney, are ex-founders who’ve experienced the problem first-hand.

AI can transform finances for scaling companies. Within minutes, Seapoint connects to a company's bank accounts, its accounting software and email. At which point we can give them a real-time view of their business, automate bookkeeping, pay invoices and manage payroll. 
Seapoint is broader and more powerful than traditional banking. And it puts founders back in control of their finances,

commented Mulllaney.

After nine months in development, the company has rolled out a private beta already in use by dozens of VC-backed startups. The startups across the UK and Europe can sign up for the beta program at seapoint.co.