Ukrainian fintech Finmap closes €1M round led by SMOK Ventures
Finmap, a cash flow management tool for small business owners, has raised €1 million in investment led by Polish-American venture fund SMOK Ventures. Czech Presto Ventures, Capital Genetics, and the CEO of tbi bank, Petr Baron, also joined the round.
- Finmap was founded in 2019 by Ukrainian serial entrepreneurs Oleksandr Solovei and Ivan Kaunov. At the beginning of 2021, the team was joined by Dmytro Dubilet, who is also a co-founder of Ukrainian neobank monobank.
- Finmap’s main product is a cloud solution for browsers, and iOS app that helps business owners with easy and convenient financial management — both corporate and private. Business owners get real-time visibility on what’s going on in their business in terms of money, avoid cash gaps and make the right decisions.
“Despite constant challenges, we continue to develop our company and scale in new countries. Our mission is to help entrepreneurs better understand their businesses, by means of an “easygoing” product, that solves everyday cash flow management issues better and more efficiently, than an Excel sheet,”Oleksandr Solovei says.
- Finmap has integrations with over 2800 European banks, as well as services like PayPal, Wise, Revolut, ApiXDrive, Fondy, etc; it also allows you to manage your crypto portfolio. As of today, over 2500 businesses are using the startup’s product for daily financial management. In the past year, the number of foreign customers has tripled — from 11% to 36%. Ukrainian entrepreneurs still make up the majority of customers — 64%.
- In January 2022, Finmap received $1.2 million from Presto Ventures, Sturgeon Capital, SID Venture Partners, Startup Wise Guys among others. This time, the round was led by the Polish-American venture fund SMOK Ventures.
“I believe that what Finmap offers is especially important now in this time of recession when every small and medium company across the globe worries about cash flow. At SMOK.vc we are working hard to support Ukrainian entrepreneurs by bridging CEE to Silicon Valley, and I’m very proud to be leading the investment round of Finmap as part of that mission,”Borys Musielak, founding partner at SMOK Ventures, emphasizes.
- The proceeds will be aimed at marketing and locating the service in the countries of expansion — Poland and Turkey, strengthening its presence in English- and Spanish-speaking countries, and expanding the team.
The co-founder of Finmap, Ivan Kaunov, was drafted to defend Ukraine as part of Ukraine’s armed forces in April 2022. Since then, Ivan has been at the front. In an interview with the editor of AIN.Capital, which took place in October 2022, Ivan talked about his experience in the infantry of the AFU, his work with severely wounded soldiers, and how his startup is managing without a co-founder.