Y Combinator-backed financial data collaboration platform Abacum raises $7 million in round led by Creandum

Barcelona-based real-time financial and operational data collaboration tool Abacum has raised $7 million in a round led by Creandum.

Existing investors Y Combinator, PROFounders, and K-Fund also participated, as well as angel investors Justin Kan (Atrium and Twitch), Maximilian Tayenthal (N26), Thomas Lehrman (GLG), Avi Meir (TravelPerk), Jenny Bloom (Zapier), and Mike Asher ( Neo4j).

"Abacum's slick solution empowers finance teams to be more collaborative, efficient and better informed with access to real-time data. We were impressed by their user-friendly product, the initial hiring of top talent, and crucially the strong founders and their extensive operational experience,” comments Creandum Principle Peter Specht.

This round of funding is expected to be used to accelerate scaling the product as well as attract more customers.

Founded in April of last year, Abacum is a financial planning platform that allows teams to collaborate and make informed decisions faster. Through direct integrations with existing software, real-time data is used to automatically generate reports.

At present, mid-market finance teams spend up to 70% of their time manually updating financial models, all without a native collaboration solution. Abacum steps in to fill this void, working cross-department (CRM, HR, ERP, and so on), allowing finance teams to have more impact on corporate decision-making processes.

A member of Y Combinator’s most recent accelerator batch, Abacum has already attracted the interest of some well-known clients including Typeform, Cabify, Ebury, and Garten.