As businesses grow, financial planning often turns into a maze of spreadsheets, conflicting files, and outdated data. Swedish startup Fintower believes this manual approach no longer fits the pace of modern companies, and investors agree. The Gothenburg-based company has secured an oversubscribed €1.5 million seed round.
The round brought together a mix of venture firms, family offices, and seasoned founders. New investors include Chalmers Ventures, Akka, and members of the Stena family, represented by William Olsson. They join existing supporters, including Almi, Inet’s Daniel Jonsson, and entrepreneur Alexander Hars.
Discussing with TFN, Fintower stated, “They have raised a total funding of €2 million at a valuation of €6 million.”
With the fresh funding, the company aims to accelerate the development of its platform and continue building a long-term, sustainable business. The new funding will also help refine features that support deeper insights, faster reporting, and richer scenario modelling, enabling users to keep pace with constant change.
Fixing the spreadsheet problem companies face
Fintower was founded by Ehsan Yazdani and Salman Eskandari to solve a familiar frustration: corporate finance still relies heavily on scattered spreadsheets. The company told us, “Today, 80% of companies continue to rely on Excel, and over half combine it with two or more other systems, creating fragmentation, duplicated effort, and constant manual checks. This overload shows up in everyday pain points: 41% of finance teams spend time double-checking data, 40% struggle with last-minute changes, and 30% are stuck with outdated tools that slow everything down.
The consequences are deeper than inefficiency, such as 70% of companies approve budgets they don’t fully trust, 87% revise forecasts even before they reach management, and two-thirds of leaders still rely on gut feeling rather than solid data when making decisions.”
This is exactly the world Fintower was built to change. The platform consolidates budgets, forecasts, reports, and scenario planning into a single environment. Instead of jumping between disconnected files, users can pinpoint revenue drivers, test assumptions, or analyse performance trends without rebuilding formulas from scratch.
The impact mirrors well-known examples such as Boston Scientific, where PwC found the corporate tax team drowning in manual Excel work, causing overtime and team retention challenges, until automation cut 85% of their manual tasks. Fintower aims to deliver the same transformation for finance teams everywhere, replacing fragile spreadsheets with a system that brings clarity, collaboration, and confidence to every decision.
Adoption across multiple industries
Since its first funding round, Fintower has gained traction across sectors that depend on precision in financial and operational management. Its customer base now spans tech companies, software firms, credit institutions, retailers, and organisations in the energy sector.
These businesses often operate in fast-moving markets, with external funding, reporting requirements, and ambitious growth targets. For them, having a single source of truth for financial planning reduces operational risks and helps leadership teams make decisions with greater confidence.
What about diversity?
As per the company, “The team is 33% born outside Sweden, entirely male, and ranges in age from 35 to 61.”
What about future plans?
Fintower describes itself as a modern alternative to spreadsheets for companies seeking clearer oversight, stronger transparency, and faster decision support. From its base in Gothenburg, the team is shaping a new standard for how growth-oriented organisations track performance and plan their future.
The company further stated, “Fintower AI 2.0 enables you to plan, follow-up and report in seconds.”
“The interest in this round was high, and we needed to expand it. Unfortunately, not everyone who wanted to join could participate, which shows that what we are building meets a real need. The market is ready to move away from Excel-based planning and is demanding modern tools for analysis and decision support,” said Salman Eskandari, co-founder of Fintower.
“Many financial systems are built around accounting charts, not the realities of the business. We have focused on products, sales, and personnel, connecting finance and operations in the same system,” said Ehsan Yazdani, co-founder of Fintower.
“Fintower helps growth companies take the step from Excel to intelligent financial decision support. With its AI-based platform and a team that combines deep technical expertise with strong business understanding, the company is well-positioned to scale efficiently and create long-term value,” added Jonas Bergman, Investment Director at Chalmers Ventures.
