Finway, the German finance operating system for SMBs, has raised €9.2 million ($10 million) in a Series A round from Capital 49, an early stage venture fund led by founders of global fintech unicorn Airwallex.
Other new investors include ForceOverMass, a fintech specialized fund from the UK and renowned founders such as the family office of Paul Forster, the co-founder of Indeed. Existing investors btov Partners and 10x group also participated in the new investment round.
There are more than 23 million SMBs in the European Union. The vast majority of them, nearly 80%, have not yet fully digitized their financial processes. Spending and cost control have become central factors in every finance department. The demand for automated solutions that rationalize outdated accounting practices and provide insight into real time financial data has never been more prevalent.
finway replaces the inefficient, fragmented SMB finance tool market with one centralized platform covering invoicing and accounting workflows, spend 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. With this ambitious approach, finway has its finger on the pulse and is in the right place at the right time.
In just two years, finway has acquired 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.
In order to better serve its rapidly growing customer base and to help finance departments overcome their most pressing challenges, the need for better cost control, the finway team will use the investment primarily to advance the development of its innovative software solution.
“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.”
“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.”