Fintech startup Helu.io has just announced a raise of over €9.8 million (USD$10 million) in fresh funding. The Viennese company is building a new way for European SMEs to manage financial controlling, reporting and budgeting.
On a mission to become Europe’s standard for SMEs around reporting, controlling and budgeting, Helu.io has just successfully closed its Series A financing. The startup picked up over €9.8 million in the round which was led by fintech specialists CommerzVentures, alongside tech-focused VC IRIS and early-stage investor Speedinvest.
Helu.io: A new standard for financial oversight
Founded in 2020 by unicorn investor Franz Salzmann, the Vienna-based fintech helps CFOs and financial managers of SMEs to automate financial controlling and reporting processes – taking those that are still reliant on excel sheets into the digital era. Many small businesses across Europe are still manually building these excel sheets, merging accounting with non-financial data – meaning processes are slower and more cumbersome than they need to be. Helu.io provides SMEs with full access to accounting data in just one click.
Franz Salzmann, Founder and CEO of Helu.io, explained: “Financial reporting and controlling is still an enormously manual process in all medium-sized companies worldwide. We want to automate this work and make it possible with just a few clicks. With this latest financing round, we can look forward to achieving large parts of our goals and continue to set a new standard for this category.”
With easy-to-use software, Helu.io integrates into accounting software, enabling companies to transform their complex financial data into individual and easy-to-understand reports in a short time.
Stefan Tirtey, CommerzVentures Managing Partner, said: “Helu.io has created a standout, powerful and easily integrated solution which allows SME’s and advisors to gain full control of financial data, removing the need for manual processes. Saving time and money empowers finance leaders to make better informed business decisions faster.”
This fresh Series A lift now brings the company’s total funding raised to about €14.8 million.
It will allow the Viennese company to expand its product offering with a budget planning module launched in 2023, which will enable CFOs of SMEs to set up a seamless experience throughout the budgeting, controlling and reporting processes.
Thorben Rothe, Partner at IRIS, added:“This new round confirms Helu’s ambitions to become Europe’s standard for CFOs to manage their financial data smoothly. We believe that empowering finance managers and their teams is key to optimizing processes in any medium-sized company.”