Ukrainian Finmap raises $1.2M from European and Ukrainian investors
Finmap, a cash flow management service for businesses, closed a new $1.2 million funding round. Presto Ventures, Sturgeon Capital, SID Venture Partners, startup incubator Startup Wise Guys, as well as BRISE Capital and TBI Bank CEO Peter Baron, all participated in the round.
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 internet-only bank in Europe, monobank, joined the team.
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.
Details of the deal
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.
“Currently, we are working with companies from 12 countries, with plans to expand into Poland, the Czech Republic, Spain, and Turkey,” Finmap founders Alexander Solovey and Ivan Kaunov report.
Over the past year, the Finmap team grew eight-fold, from 7 to 58 specialists working entirely remotely.
“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,” said Alexander Yatsenko, Managing Partner at BRISE Capital.
Further integration with new banks and CRM systems, as well as adding an invoicing option, are also planned for 2022. Currently, 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 Finmap is launching a mobile app for iOS and Android.