The Munich-based fintech startup Frienton has initiated another round of financing. Founded in 2021 by Josef Schindler, Oleksandr Taran, and Björn Wenninger, the company aims to combine all aspects of financial administration for small and medium-sized enterprises (SMEs) on a cloud-based platform. The newly raised funds come from a group of selected business angels and will be invested specifically in the further development of the software and in expanding the company's market presence. The financing is a convertible loan; the exact amount has not been disclosed.
Frienton has largely financed itself since its founding and, according to the company, has been cash flow positive for some time. Currently, around 300 companies use the Munich-based company's software solution. The goal is to tap into additional customer segments with its own Finance-as-a-Service platform—particularly e-commerce and SaaS companies.
Technology for automated financial processes
Frienton's business model is based on a software-as-a-service solution that functions as a digital financial operating system. The platform is designed to simplify financial administration for SMEs – from real-time reporting such as live profit and loss statements and cash flow statements to automated accounting and budget-actual comparisons. The product concept is called "Closing the Money Chain." The goal is a seamless digital connection between banks, accounting departments, tax offices, and the tax office.
According to Frienton, a key unique selling point is the fully automated integration of payment service providers like Stripe into the DATEV environment of tax advisors. In addition, interfaces to e-commerce platforms like Shopify and Amazon are available – either already live or shortly before release. The platform is continuously being expanded, particularly with a view to larger and established medium-sized companies. New features such as cost center reporting for sophisticated business analyses are planned.
