Fintech Finmatics receives Series A funding
Austria-based accounting startup Finmatics has closed a series A funding of EUR 6 million.
The company has developed AI software to digitize and automate accounting processes. Finmatic’s goal is to digitize the registration, processing and advance accounting of all types of receipts. In many accounting departments in tax and commercial law firms, these processes are still carried out manually. According to a Finmatics representative, automation using artificial intelligence is becoming increasingly important with the challenges facing the tax and accounting industry. The startup states that the software provides time savings of up to 70% in accounting and document processing. Finmatics customers include over 900 law firms and 50,000 companies.
The financing round was led by Mangrove Capital Partners, and existing investor eQventure again participated. A representative from Mangrove Capital Partners states that they believe in Finmatics’ vision to fully automate accounting processes in the future. The funds will primarily be used for further growth in Germany, expansion of the team at the company’s locations in Vienna and Berlin, and for product development. The company plans to expand to several European countries in 2024.
Automated accounts payable with Finmatics
With Finmatics’ artificial intelligence and smart assistants, users can digitize accounts payable. Smart control routines help customers avoid errors, reduce liability risk and increase accounting quality. Finmatics allows users to process documents without a purchase order reference. The platform’s digital assistants use smart software and artificial intelligence to independently classify data. Even complex workflows for accounts payable can be easily set up and processed by those responsible. The checking algorithms can help users detect errors or prevent them from occurring in the first place.
Digital document approval
Finmatics also offers digital document approvals, which means users can transform existing analogue processes into clearly structured digital processes. Documents can be automatically transferred from an email inbox to Finmatics. The platform then automatically reads relevant data from incoming documents and forwards the documents to the respective responsible employees for document approval. These employees can perform invoice verification in the browser or via the Smartphone App.
Users can complete multi-step approval processes that cut across multiple departments and can implement specifications for company-specific risk management. Once the documents are fully approved, the Finmatics software exports the image along with the accounting record to the users’ ERP or accounting system.