Last week Ukrainian startup Finmap announced the completion of $1.2 million round of funding, involving local and foreign investors.
Launched in 2018, this startup has developed a cash flow management service — “simple and convenient for modern businesses, with accessible functionality and a user-friendly interface.”
The solution “synchronizes with user accounts via API, allowing business owners to set up a payment schedule, delegate the data entry process, and providing in-depth analysis of all financial transactions,” while ensuring the “anonymity and security” of data storage.
Finmap integrates with “more than 2,000 banks” from across Europe as well as ApiXDrive, Fondy, PayPal, Revolut, Wise, 1C and other systems.
Small and medium-sized businesses may use the service for just 385 hryvnias ($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,” say Finmap founders Alexander Solovei and Ivan Kaunov.
The company claims to serve clients from 12 countries “with plans to expand into Poland, the Czech Republic, Spain and Turkey.”
The investment will be used for hiring and marketing purposes, as well as for expansion to new markets in Central and Southern Europe.
The funding was provided by BRISE Capital (Ukrainian family office), Presto Ventures (Czech VC firm), SID Venture Partners (Ukraine), Sturgeon Capital (UK), startup incubator Startup Wise Guys with the participation of Peter Baron as an individual investor.
Startup Wise Guys made an initial investment in the startup in early 2021, as it took part in its their acceleration program and continued their support after the release.
“While the team initially focused on scaling in Ukraine with very promising results, during our acceleration program they invested their time to re-launch the product, taking many first-user ideas into account in preparation for an international launch,” said Cristobal Alonso, Global CEO at Startup Wise Guys.
“This launch in several Eastern European countries looks very promising. And the way Ivan and Alexander coordinated their teams in scaling (and doing it all completely remotely) is impressive and a strong indication of their managerial potential,” Alonso added.