Lithuanian fintech Spenfi raises €800k in a seed round

Vilnius-based fintech startup Spenfi has raised €800,000 in a seed funding round. Presto Ventures, Lithuanian Business Angels Fund II, and several angel investors participated in the financing.

• Spenfi is a platform that provides functionality for managing expenses, invoices, subscriptions, and payment cards, all in one centralized location. The solution allows users to issue and manage payment cards, including physical and virtual cards, with customizable spending limits and restrictions.
• Spenfi’s software also allows users to manage multi-currency accounts and connect local IBANs to simplify cross-border payments. The company has over 60 clients in 12 countries. It was founded in 2019 by Lithuanian and Ukrainian entrepreneurs Povilas Žinys, Vladyslav Tkachuk, and Yuriy Rachek.

• Presto Ventures, the company’s existing investor, provided parts of the funding. The Prague-based VC firm contributed additional €300,000 in exchange of an undisclosed share. In 2022, the firm invested €798,000 in Spenfi.
• Apart from the Czech fund, the Lithuanian Business Angels Fund II and several unnamed angel investors also participated in the current round.
• Thanks to the fresh financing, Spenfi’s total funding amount reached almost €1.9 million.