Dutch fintech startup Flow Your Money receives €600K prior to their app launch

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Flow Your Money, the fintech startup based in Friesland recently raised €600k from Enigma, the NOM, Runtime Ventures and others. The fresh capital will be used to complete product development and to launch soon. Flow will be available in the App Store and Play Store early 2020. Before that, you can already check out the app through a pilot.

The Flow team set out to change the game of personal finance. Their app will help you say goodbye to manually saving (and spending) your money – and say hello to auto-saving and auto-spending. With the Flow app, it’s possible to set up Smart Money Flows. For instance:

  • ‘On salary day, whatever money is left on my personal account, should be auto-transferred to my pension fund.’
  • ‘For every incoming client payment, I want to auto-transfer 21% of the amount to my Tax Account.’
  • ‘For every bonus, I want to auto-transfer 50% to my wife’s personal account and 50% to my kid’s account.’

According to the founders, when you set up the right Money Flows, financial independence is achievable for every freelancer. Because ffinancial independence is not just a matter of smart financial decisions, it is also a matter of (daily) smart financial actions. And these actions can be automatedwith the Flow Your Money.

Founders Daan, Niels and Danny believe money management should have a minimum amount of decision making. That is why they make done-for-you Money Flows accessible in their app. Their app will enable its users to follow real-life and tested money flows used by financially successful people. This way some of your most important money flows (e.g. tax, pension fund) are literally taken care of with automatically. The app will primarily target self-employed people and will be available on subscription basis.

Flow Co-founder Niels Mulder stated: “We see it a lot around us. The self-employed (ZZP’ers) send invoices, receive their money and spend it on a new laptop. Then the Tax authorities come by and it appears that there is not enough money in their bank account. Flow will change that. Our technology immediately sends your money to the correct accounts upon arrival. This way, you never have the problem that you have too little money to pay Tax, for example.”

Prior to launch, the startup needs a so-called PSD2 permit. After thorough investigation, De Nederlandsche Bank issues these to parties who can use them to manage bank money flows from customers.

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