Eight months after its founding, Finway a seed round of €2.1 million. Btov Partners, Andrej Henkler, and other business angels were added as new investors. Existing investors including Felix Haas and the 10x Group are also participating in the round. The young company intends to invest the new capital primarily in expanding product development and customer support. The goal is to build the leading platform for planning, processing, and managing all corporate expenses for SMEs in Europe.
SMEs in focus
The Munich-based startup's offering is specifically tailored to the needs of small and medium-sized businesses, enabling real-time transparency and control over all budgets and expenses. The platform is designed to enable close collaboration between finance and business departments to manage all expenses and make payments via online banking or Finway cards. In the future, the areas of purchasing, payments, and financial planning will be further expanded both through proprietary products and through integrations. Luca Martinelli, Partner at Btov, about the investment:
"Finway impressed us as a holistic solution in the area of expense management with its clear focus on product excellence. Finway addresses an issue that affects every SME and has succeeded in consolidating complex internal processes into an easy-to-use solution that covers the entire expense process. Our analysis has shown that most SMEs still handle the majority of these processes manually. Considering the over 1.9 million SMEs in Europe, we therefore see enormous market potential for a solution like Finway. Having known the company for some time, we have been able to witness Finway's rapid development firsthand."
The end of Excel and paper
And Felix Haas, from 10x Group and founder of IDnow added:
"Finway solves a common problem for SMEs. Many companies still rely on Excel, siloed tools, or paper to manage their expenses. Finway digitizes and automates this work, giving finance departments the transparency they need to deliver the right figures to the business quickly and reliably. I'm very impressed by what the team has already achieved in such a short time and am convinced that Finway has what it takes to become the market leader."
Jennifer Dussileck, Co-Founder of Finway, says:
"We chose Btov as our partner because they can support us as an experienced investor with the right know-how and network. With Finway, we aim to achieve a leading market position in Europe in the coming years. The fact that our existing investors are securing additional shares in the company demonstrates their complete conviction in our team and our platform."
