Austrian fintech Finmatics raises €‎6M in a Series A round

Finmatics, the Vienna-based developer of AI software to digitize and automate accounting processes, has raised €‎6 million in Series A round led by Mangrove Capital Partners. The funds will be used for further expansion of the team and product development.

• Founded in 2016 by Christoph Prieler and Ulrich Troeller, Finmatics is a SaaS company that provides AI solutions for businesses of all sizes. It automates document processing, including digital automation of document receipt, document capture, pre-accounting, document sorting, and multi-level document release workflows via a mobile app. 
• The startup claims that its software results in time savings of up to 70% in accounting and document processing. Finmatics customers include over 900 law firms and 50,000 companies. 
• The financing round was led by Mangrove Capital Partners, a VC firm based in Luxembourg. It prefers to invest in companies operating in the software, internet, data, and technology sectors across Europe and Israel. The firm has an additional office in Tel Aviv. Austrian eQventure which provides young Austrian high-tech companies with a global network and operational support also participated.
• Finmatics plans to spend the fresh investment primarily on further growth in Germany, the expansion of the team at the company’s Vienna and Berlin offices, and product development. The company also aims to expand to more European countries in 2024.