London-based Floodlight has just secured over €5.7 million ($6.4 million) to fuel its fight against the financial complexity faced by SMEs.
SMEs form the backbone of Europe’s economy. They account for about 99% of all businesses across the continent, are major employers and are responsible to keep the economy moving forward. They are also at the forefront of tech innovation and digital transformation.
That being said, they face common financial challenges. For e-commerce players, in particular, challenges arise due to financial data being scattered across different platforms and siloed. Data for many of these companies is spread across bank accounts, PayPal, Stripe, Shopify, Klarna, Xero, and more. This leads to mistakes and holds back optimisation and growth.
Based in London, Floodlight aims to connect financial information into one dashboard. The company has just secured over €5.7 million ($6.4 million) to grow.
The seed funding was led by Aleph, and 83 North, with contributions from former Shutterfly CEO and Amazon UK Managing Director, Christopher North, Yuval Samet, CEO of RiseUp and former CPO of Klarna, and Juan Lobato, Founder and CEO of Ebury.
Founded in 2021, Floodlight is on a mission to streamline the financial lives of SMEs by connecting the dots between banks and accountants.
Noam Bernstein, Co-Founder and CEO of Floodlight: “The community of e-commerce entrepreneurs deserves better than they’re getting today. We want to give SME leaders the tools they need to grow their businesses with confidence. By providing a seamless financial management solution, we help SMEs overcome their daily challenges while unlocking opportunities to set themselves up for long-term growth. They can better serve their international customers, employees, and providers, and ultimately create more value for their businesses.”
The smart business account allows SMEs to connect the different financial platforms they use to one dashboard to effectively manage their finances and grow their businesses.
It offers financial insights built on these connections which provide users with clarity into their finances, reports on cash flow trends, and enable customers to turn insights into action via banking services.
In addition, clients have access to human support, including financial coaching from a customer success team that specialises in e-commerce, and, Floodlight Debit Mastercards® with unlimited 1% cash back to promote their profitable growth.
Noam Bernstein: “Our unified solution makes those challenges a breeze and creates an easily manageable and smart control centre. This seed round is an exciting validation of our platform and its massive potential to meet the needs of unserved SMEs.”
With this investment, the disruptive fintech team plans to keep growing and develop the platform.
Michael Eisenberg, Equal Partner at Aleph: “Banks do not serve e-commerce entrepreneurs well. We are here to fix that. We are building a covenant with entrepreneurs that we are here to help them increase their financial resilience and build great businesses. We are incredibly excited to partner with Floodlight and join their commitment to this mission. Floodlight’s solution is the first we’ve seen that gives e-commerce business owners the insight, simplicity, and optimisation tools needed to stand out, succeed, and do so without going crazy.”