Founder and CEO of Moneyflow, Kim Ulf Rehfeld Thoden | Image credit: Moneyflow
Copenhagen-based Moneyflow, an embedded fintech startup, announced on Wednesday 31 August that it has raised €250 million in a debt financing deal with Banking-as-a-Service (BaaS) provider Aion Bank.
Wojciech Sass, CEO of Aion Bank, says: “We believe the best banking products and services should be accessible to everyone, and Moneyflow does just that for SMEs. The aim of our BaaS business is to enable brands, retailers and fintechs like Moneyflow to embed financial services that help drive new innovation. We’re excited to help the Moneyflow team accelerate their growth that will result in more businesses getting paid faster.”
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Funds for expansion
Moneyflow claims it will use the funds to accelerate the rollout of its embedded financial services across platform partners in the Nordics and wider Europe.
The Danish fintech start-up and Aion Bank also intend to expand the collaboration to more markets. Aion and technology partner Vodeno will offer a range of banking services to Moneyflow, including access to local IBANs and local payment schemes where the bank is currently established in Europe.
Kim Ulf Rehfeld Thodén, Moneyflow’s CEO and founder, says: “We believe in a future where it’s easy to get paid. In advance, early or just as agreed, we put control in the hands of the recipient, not the payer. The balance support from Aion Bank is the largest single fundraising amount made available for a fintech of our nature in Scandinavia. We are now ready to step on the accelerator to take on the large and expanding market opportunity.”
Briefly about Moneyflow
Founded in 2018 by Danish entrepreneur Kim Ulf Rehfeld Thodén, Moneyflow offers SMEs invoice financing and revenue financing within their current workflow platform, enabling brands to scale. To do this, the company claims to have developed the “most” advanced underwriting engine on the market with advanced risk and payment forecasting.
Due to the absence of the risk of late payment, companies can free up cash from invoices and future revenues. SMEs can sell their invoices and revenue streams directly into their ERP platforms such as Visma e-conomic, Dinero and Ordrestyring.
The flow of money is controlled by the Danish Financial Supervisory Authority.
About Aion Bank and Vodeno
Aion Bank and Vodeno work together as business partners to transform the financial sector. Using banking experts, a cloud-based “360” platform ecosystem and an ECB banking license that can cover the entire EU market on a passport basis, the companies offer embedded financial services for banks, lenders and merchants across various industries.
Aion and Vodeno have the ability to satisfy regulatory requirements while enabling rapid innovation. Their solutions include all aspects of the banking ecosystem, including “smart contract-enabled” core banking, accounts, onboarding, payments, cards, and investment and lending options.
Aion Bank and Vodeno are separate companies and backed by global private equity firm Warburg Pincus LLC.
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