Munich-based finway wants to help SMEs digitize their financial planning and spend management. Small and medium-sized enterprises are the foundation of the European business ecosystem. Despite their crucial role in driving the economy forward, they are struggling to keep up with the digitalization process. Almost 80% of SMEs have not yet digitized their financial processes. Therefore, the demand for automated solutions has increased. Finway, a Germany-based start-up, received a new investment to meet this need and offer a better solution. The solution aims to digitize SMEs’ financial processes by rationalizing legacy accounting practices and providing insights into real-time financial data.
B2B and SME
Founded in 2020 by Csaba Krümmer, Jennifer Dussileck and Philipp Rieger, finway aims to revolutionize financial processes for SMEs. Its goal is to enable financial teams to reclaim their role within businesses and focus on strategic growth instead of outdated, complex financial management. Finway received 9.2 million euros in a Series A round. This round was led by Capital 49 and included renowned startups such as ForceOverMass and the Paul Forster family office. Previous investors btov Partners and 10x Group also participated in this round.
“We are excited by the support of ambitious and successful investors who recognize the potential of fintech in the B2B (business-to-business) space. At a time of continued economic challenges, cost control has become more of a priority and the need for efficient and automated spend management has never been greater. Therefore, finway’s vision is to enable efficient, seamless and easy financial processes in every SME and the time is ripe for continued growth.”Jennifer Dussileck, co-founder and CEO of Finway
finway, a Munich-based fintech platform, offers one centralized platform to help SMEs manage their invoicing, accounting, expenses and travel costs. This eliminates time-consuming and error-prone manual tasks for SMEs. Using smart and digital workflows, finway manages all accounts payable. Since its launch, finway has grown to over 400 customers, including MILES Mobility, Alasco and Recup, and has become one of the fastest growing B2B fintech platforms in Germany.