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Dutch fintech startup Flow Your Money raises EUR600K

Source: Flow

Say goodbye to manually saving (and spending) your money - and say hello to auto-saving and auto-spending with Flow.

With the Flow app, it’s possible to set up Smart Money Flows. For instance:
- ‘On salary day, whatever money is left on my personal account, should be auto-transferred to my pension fund.’
- ‘For every incoming client payment, I want to auto-transfer 21% of the amount to my Tax Account.’
- ‘For every bonus, I want to auto-transfer 50% to my wife’s personal account and 50% to my kid’s account.’

According to the founders, when you set up the right Money Flows, financial independence is achievable for every freelancer. Because - in their own words - ‘financial independence is not just a matter of smart financial decisions, it is more a matter of (daily) smart financial actions. And these actions should be automated, as many as you possibly can.’

Done-for-you Money Flows
Founders Daan, Niels and Danny believe money management should have a minimum amount of decision making. That is why they make done-for-you Money Flows accessible in their app. ‘With our app, people can use real-life, tried and tested money flows used by financially successful people. It’s a no-brainer to set this up, because your most important money flows (e.g. tax, pension fund) are literally out of your brain. Our app does it for you.’

The startup based in Friesland recently raised € 600,000 in investments to make the final step of the product, which is initially aimed at self-employed people without employees. ‘We see it a lot around us. The self-employed (ZZP’ers) send invoices, receive their money and spend it on a new laptop. Then the Tax authorities come by and it appears that there is not enough money in their bank account..." says Niels Mulder.

Pre-Bookkeeping
He calls their product pre-bookkeeping. ‘Our technology immediately sends your money to the correct accounts upon arrival. This way, you never have the problem that you have too little money to pay Tax, for example.’ The app is expected to be offered in subscription form from the beginning of next year.

Freelancers as the first users - but many to follow
‘Freelancers are the first group that Flow focuses on. But that's just the beginning. ‘We can help students this way, we also think of people in debt counseling. But also to all consumers, who transfer money to the shopping account or a savings account on a monthly basis. Our technology knows, for example, that if you spend a little less on groceries a month, there will be less money in that account the following month.’

One final step
To be able to take the final step, the startup needs a so-called PSD2 permit. After thorough investigation, De Nederlandsche Bank issues these to parties who can use them to manage bank money flows from customers. The application takes a lot of time and money. Mulder: ‘We do this together with Enigma, specialist in this area. That party is one of the investors in our company.’

There are more like that. Att`racting adviser Robert Kraal helps to find investors. The former COO of Adyen has faith in Flow. Runtime Ventures (also the management of the design studio where Mulder and Van Klinken worked for years) invested in the startup, among others. Just like the NOM, which as an early phase investor is important for lowering the threshold for other investors. Fund manager Jens Ruesink: ‘This system is very clever. It is scalable, we see a lot of future in that. Apart from that, the team behind Flow Your Money is incredibly passionate and determined.’ In addition to investing, the NOM in the form of FLINC has helped attract investors.

Flow will be available in the App Store and Play Store early next year. Before that, you can already use the app through a pilot.

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