German fintech finway closes €9.2 million Series A
Finway, the German SME finance operating system, has raised 9.2 million euros ($10 million) in a Series A round from Capital 49, an early-stage venture fund led by the founders of global fintech unicorn Airwallex.
Other new investors include ForceOverMass, a fintech specialist fund from the UK and renowned founders such as the family office of Paul Forster, the co-founder of Indeed. Existing investors btov Partners and 10x group also participated in the new investment round.
There are more than 23 million SMEs in the EU. The vast majority of them, almost 80%, have not yet fully digitized their financial processes. Expenses and cost control have become central factors in any finance department. The demand for automated solutions that rationalize outdated accounting practices and provide insight into real-time financial data has never been more widespread.
finway replaces the inefficient, fragmented SME finance tool market with one centralized platform that covers invoicing and accounting workflows, spend and travel expense management. It helps small and medium-sized businesses eliminate a number of time-consuming, error-prone manual tasks. By activating intelligent and digital workflows, finway streamlines the entire creditor function. With this ambitious approach, finway has its finger on the pulse and is in the right place at the right time.
In just two years, finway has acquired more than 400 customers across the DACH region, including MILES Mobility, Alasco and Recup, and has quietly emerged into one of Germany’s fastest growing B2B fintech platforms.
In order to better serve its rapidly growing customer base and help finance departments overcome their most pressing challenge, the need for better cost control, the finway team will use the investment primarily to advance the development of its innovative software solution.
“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 SMEs,” said Jack Zhang, co-founder of Airwallex and Capital 49. “We are so excited to lead the investment round and strengthen the ecosystem that aligns with our vision to reshape the future of financial services for modern businesses.”
“We are thrilled with the support of ambitious, successful investors who see the potential of fintech in B2B,” said Jennifer Dussileck, co-founder and CEO, finway. “The need for efficient and automated cost management has never been greater, as cost control becomes more of a priority due to ongoing financial challenges. This is the time for finway to continue to grow and continue with our vision of productive, smooth and hassle-free financial processes in all SMEs.”
