Munich-based finway has just secured new investment to help SMBs digitize their financial planning and spend management. The fintech startup now plans to keep growing.
SMEs are the foundation of Europe’s business ecosystem. Small and medium-sized businesses make up the bulk of companies and are a critical part of keeping the economy moving forward. In fact, the EU counts more than 23 million SMBs.
However, despite the increasing digitisation of our world, small businesses are struggling to keep up and it’s reported that almost 80% of SMBs have yet to digitize their financial processes. The demand for automated solutions that rationalize outdated accounting practices and provide insight into real-time financial data has never been more prevalent. German startup finway wants to meet that need and has just secured new investment to develop its solution.
Funding details
- €9.2 million raised in a Series A round
- The round was led by Capital 49 and new investors include ForceOverMass and renowned founders such as the family office of Paul Forster
- Exiting backers btov Partners and 10x group also participated.
Founded in 2020 by Csaba Krümmer, Jennifer Dussileck and Philipp Rieger, finway aims to revolutionize financial processes for SMBs. The aim is to give financial teams the ability to reclaim their role within businesses and realign focus on strategic growth – rather than dealing with outdated, complex financial management.
Jennifer Dussileck, co-founder and chief executive officer, finway: “We are thrilled by the support of ambitious, successful investors who see the potential of fintech in B2B. The need for efficient and automated spend management has never been greater, as cost control becomes more of a priority due to ongoing economic challenges. This is the time for finway to continue growing and proceed with our vision of productive, smooth, and hassle-free finance processes in every SMB.”
Based in Munich, the fintech platform replaces existing finance tools with one centralized platform covering invoicing and accounting workflows, spending and travel expense management. It helps SMBs to eliminate a variety of time-intensive, error-prone manual tasks. By enabling intelligent and digital workflows, finway streamlines the entire accounts payable function.
Since its launch, the startup has been able to pick up more than 400 customers across the DACH region, including MILES Mobility, Alasco and Recup and has silently emerged into one of Germany’s fastest-growing B2B fintech platforms.
This new investment will be used to further develop the platform.
Jack Zhang, co-founder of Airwallex and Capital 49: “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 SMBs. We are so excited to be leading the investment round, and strengthen the ecosystem that is aligned with our vision to reshape the future of financial services for modern businesses.”
