There are more than 23 million SMBs in the European Union. However, nearly 80% have not fully digitised their financial processes.
Spending and cost control have become central factors in every finance department.
The demand for automated solutions that rationalise outdated accounting practices and provide insight into real-time financial data has never been more prevalent.
This is where finway, a Munich-based company, addresses the issue as it aims to replace the inefficient, fragmented SMB finance tool market with one centralised platform covering invoicing and accounting workflows, spending, and travel expense management.
To accelerate growth, and product development, finway secured €9.2M in a Series A round from Capital 49, an early-stage venture fund launched by the founders of global fintech unicorn Airwallex.
Other new investors include ForceOverMass, Paul Forster, the co-founder of Indeed, as well as existing investors btov Partners (also backed Degura) and 10x group participated in the investment round.
“We are thrilled by the support of ambitious, successful investors who see the potential of fintech in B2B,” said Jennifer Dussileck, co-founder and chief executive officer, finway. “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.”
Helping SMBs sort out financial processes
Founded in 2020 by Csaba Krümmer, Jennifer Dussileck, and Philipp Rieger finways aims to revolutionise the status quo of financial processes in SMBs all across Europe.
finway helps SMBs to eliminate a variety of time-intensive, error-prone manual tasks. As a result, finway streamlines the entire accounts payable function.
Since its inception, finway has acquired more than 400 customers across the DACH region, including MILES Mobility, Alasco, and Recup.
Currently, the company employs 60 people working onsite and remotely from Germany and around the world.
“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,” said Jack Zhang, co-founder of Airwallex and Capital 49. “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.”