• Business financial management (BFM) company finway received $10 million in Series A funding.
  • The investment, which was led by Capital 49, brings the Germany-based company’s total funds to $12.6 million.
  • finway’s BFM tools target the 80% of SMBs in the European Union that have not fully digitized their financial processes.

German fintech finway closed a $10 million (€9.2 million) Series A round this week. The funds bring the company’s total funding to $12.6 million since it was founded in 2019.

Leading today’s investment is early-stage investor Capital 49. New investor Force Over Mass also contributed, as well as existing investors btov Partners and 10x Group.

finway will use today’s funds to advance the development of its business financial management (BFM) platform. The company offers the 23 million SMBs in the European Union a BFM tool that replaces manual tasks with digital workflows. Eighty percent of these SMBs have not digitized their financial processes. finway’s platform– which offers invoicing, accounting, spend, and travel expense management tools all in a single place– seeks to change that.

“We are thrilled by the support of ambitious, successful investors who see the potential of fintech in B2B,” said finway Co-founder and Co-CEO Jennifer Dussileck. “The need for efficient and automated spend management has never been greater, as cost control becomes more of a priority due to ongoing economic challenges. This is the time for finway to continue growing and proceed with our vision of productive, smooth, and hassle-free finance processes in every SMB.”

Over the past five years, the number of SaaS-based BFM tools on the market has grown, and the tools themselves have developed rapidly. The advent of technologies such as cloud computing and machine learning offer businesses access to a wide range of tools to help them manage their finances more effectively. In addition to providing businesses with greater visibility into their finances, these tools also offer real-time insights, allowing organizations to make data-driven decisions quickly. Many, including Brex and Ramp, go a step further by offering businesses corporate credit cards and business bank accounts.

“It’s no secret that technology is reshaping the future of money and banking, and finway is rising to the challenge by building a solution that automates financial processes and increases efficiency for SMBs,” said Airwallex and Capital 49 Co-founder Jack Zhang. “We are so excited to be leading the investment round, and strengthen the ecosystem that is aligned with our vision to reshape the future of financial services for modern businesses.”

Photo by Ketut Subiyanto

Source: https://finovate.com/finway-raises-10-million-for-its-business-financial-management-tool/