BudgetBakers, a Czech fintech startup developing a next-generation personal finance platform, today announced that it raised €290K in seed funding from startup investor Petr Zamecnik and former CEO of HomeCredit and GE Money, Ivan Svitek. Along with the funding round, BudgetBakers revealed that Michal Kratochvil, former Managing Director of Accenture in Central Europe, has joined as the startup’s new CEO.
BudgetBakers, with its expense tracking app currently available on Android, plans to roll out a full-featured personal financial management suite in 2016, accessible via web, Android and iOS, and has announced a series of integrations with partnering financial institutions, allowing its users to access their various financial services in one place. The Prague-based company is capitalizing upon new EU initiatives which encourage banks to integrate more closely with 3rd party finance and e-commerce platforms.
Michal Kratochvil brings decades of experience in banking to his new head role at BudgetBakers, where he intends to push the company towards closer cooperation with consumer banking in Europe, and worldwide. Regarding his new position, he stated: “I’m pleased not only at the opportunity to lead a dynamic startup in a whole new and unexplored business, but also to bring my years of experience working with banks to bear in helping BudgetBakers forge new partnerships, and create amazing customer experiences in personal finance. We are going to make personal finance something people really enjoy thinking about. That’s our main goal.”
Asked about his decision to invest, Ivan Svitek, himself a veteran of the highest ranks in consumer banking, commented: “As every person’s financial life is getting more and more complex, the market is still missing money management tools that really work. I believe that BudgetBakers will fill that void. Financial management tools enjoy intense brand loyalty and daily contact with their customer base. Sooner all later, all financial institutions will need such a customer focused solution.”
BudgetBakers started as a side project, an expense tracking app developed by then Seznam software engineer Jan Muller. In 2015, the company garnered its first investment and attended StartupYard accelerator in Prague, where Kratochvil first became one of its advisors. Since then, BudgetBakers has grown to boast over a million registered users, tripling its paying membership since last year, as it has repositioned itself to focus more broadly on personal finance, and rolled out features that allow customers to manage all of their personal finances in one secure cloud platform.