Finmap raised $1.2 million from European and Ukrainian investors.
Finmap, a cash flow management service for businesses, closed a new round of investments amounting to $1.2 million. Presto Ventures, Sturgeon Capital, SID Venture Partners, startup incubator Startup Wise Guys, as well as the investment companies BRISE Capital and TBI Bank CEO Peter Baron, all took part in the round.
The investment will be used to expand the team of developers, increase marketing, and extend service into Central and South Europe. Finmap will continue to develop and adapt to meet the needs of users in these markets. Further integration with new banks and CRM systems, as well as adding an invoicing option, are also planned for 2022.
Finmap is a simple and convenient cash flow management service for modern businesses, with accessible functionality and a user-friendly interface. It synchronizes with user accounts via API, allows business owners to set up a payment schedule, makes it possible to delegate the data entry process, and provides in-depth, easy-to-understand analysis of all financial transactions.
The service ensures anonymity and security of data storage, as it does not require the provision of official data about the company (for example, USREOU code). The data is stored on cloud servers using the banking standard of data encryption, and the transmission channel from the browser to the server is encrypted using SSL protocol.
Subscriptions for small and medium-sized businesses cost from UAH 385 ($14) per month.
“Cash flow management is an important part of the business for entrepreneurs from all over the world. Understanding the amount of money that is generated and consumed is the only real way that you can see and understand the true state of your company in order to make critical growth and development decisions. Technological approaches in money management will help to effectively control and develop your company. Currently we are working with companies from 12 countries, with plans to expand into Poland, the Czech Republic, Spain, and Turkey,” report Finmap founders Alexander Solovey and Ivan Kaunov.
Until they discovered Finmap Presto Ventures, one of the investors, assumed there was a lack of innovative solutions for cash flow management services. “When looking at the sector, we are simply captivated by the founders of Finmap and their ability to adapt and execute, which we see as the nr. 1 thing that will differentiate successful companies in this space. We are happy to lead the current investment round with a vision to expand their presence initially across Europe and then worldwide.”, says Roman Novacek, Partner at the fund.
“In 2021, Finmap showed rapid growth in business performance, completely relaunched the product and expanded the team. Such results aroused investor interest. In this round the company was further strengthened by core innovation capital from the Czech Republic and the UK. Finmap has new markets ahead, many growth opportunities, more to offer their clients, employees, and investors, and therefore an even more exciting adventure. We at BRISE are happy to support the team and be by their side on this journey,” said Alexander Yatsenko, Managing Partner at BRISE Capital
“Sturgeon Capital is excited to be participating in Finmap’s latest funding round. The product is elegant in its simplicity and powerful in its functionality, and clearly solves an acute pain point for SMEs. With a strong team and experienced investors on board, we believe that Finmap can consolidate its position in existing markets as well as enter new ones to drive growth, and we look forward to being part of that journey with them.” comments Robin Butler, Partner at Sturgeon Capital.
Startup Wise Guys made their first investment in the project in early 2021, when the Finmap team joined their acceleration program and continued their support after the release. “While initially, the Finmap team focused on Ukraine with very promising results, they invested their time during our accelerator program to relaunch their product, factoring in myriad insights from the early adopters in preparation for their international launch. This launch – in several countries within Eastern Europe – looks extremely promising. Last but not least, the way Ivan and Aleks have coordinated their teams while scaling (and doing this all fully remotely) is impressive and a strong testament to their management potential. It’s all green lights from our perspective,” said Cristobal Alonso, Global CEO at Startup Wise Guys.
Dmitry Vartanian, Managing General Partner at SID Venture Partners, believes “the Finmap project has a good combination of funders with expertise in IT solutions and business aspects. A strong team has created a quality product that provides effective solutions to common problems of the largest SMB segment of the market. Financial accounting for small and medium-sized entrepreneurs becomes easier, which opens new opportunities for their development, while the educational component of the service allows them to influence the general level of financial literacy. Finmap became one of the first portfolio investments of SID Fund I, as it not only corresponds to our investment focus, but also has a predictable potential for scaling, in particular, outside of Ukraine.”
“This new investment round shows that Finmap is on the right path of its development with a great team on board. We believe the product has great potential to become a massive service abroad, utilizing our wide company’s network worldwide. That is why we are supporting this promising project and many others, not only in Ukraine. This is quite consistent with our goal to help small and medium-sized businesses and entrepreneurs”, says Valery Krasovsky, CEO and Co-Founder of Sigma Software Group.
Finmap integrates with 2000+ European banks and PayPal, Wise, Revolut, ApiXDrive, Fondy services, as well as 1C and Western Bid data import. Integration with PrivatBank, monobank, PUMB, Alfa-Bank and Raiffeisen Bank Aval statements import is available for Ukrainian users. It is also possible to add accounts in more than 30 cryptocurrencies (BTC, ETH, LTC, ADA, BNB etc).
In addition to the desktop version and Telegram bot, this year it is planned to launch a mobile app for iOS and Android
About the service:
Finmap was founded in 2019 by serial entrepreneurs, Alexander Solovey and Ivan Kaunov. At the beginning of 2021, Dmitry Dubilet, who is also the co-founder of the fastest-growing non-bank in Europe Monobank, joined the team. In the same year the company attracted a round of investments from Ukrainian and European venture capitalists. Over the past year, the Finmap team grew eight-fold, from 7 to 58 specialists, all working entirely remotely.
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