Fintech startup Finmap raised $1.2 million from European and Ukrainian investors
Funding will be directed to the marketing and localization of the service in the expansion countries of Poland and Turkey, to strengthen the presence in English-speaking and Spanish-speaking countries and expand the team.
The main investor was the American-Polish venture capital fund SMOK Ventures. Paul Bragiel, co-founder and GP of the fund, has invested in more than 400 companies during his professional career, including unicorns UBER, Stripe, Niantic, Unity and Zappos. For the fund, this is the first investment in a Ukrainian project.
Finmap integrates with 2000+ European banks and PayPal, Wise, Revolut, ApiXDrive, Fondy services, as well as importing 1C and Western Bid data.
Czech investment fund Presto Ventures, lead investor in the initial round, investment company Capital Genetics from Slovenia and tbi bank CEO Petr Baron also joined the investment.
Today, more than 2,500 businesses use Finmap for daily financial management. Over the past year, the number of foreign customers of the service has increased threefold – from 11% to 36%.
Ukrainian entrepreneurs still make up a significant number of customers – 64%.
“Despite the constant challenges, we continue to develop the company and scale in new countries. Our mission is to help entrepreneurs better understand their own businesses with a “simple” product that solves daily money management tasks better and more efficiently than an Excel spreadsheet. We see a positive trend towards increasing Finmap’s presence in Central Europe. We are actively adding local integrations with banks and strengthening partnerships. Over the past year, we have increased the number of users by more than 2 times” says Finmap co-founder Alexander Solovey.
Finmap’s main product is a cloud service and an iOS application that helps business owners easily and conveniently keep track of their company’s money and entrepreneurs’ finances.
“In Finmap, we combined powerful functionality and simplicity in the interface, which is especially valuable and important for entrepreneurs who value their time. We’re excited that additional resources and support can help bring this ‘powerful simplicity’ to new markets.” adds Dmytro Dubilet,
The Finmap startup raised its first investments in 2020 through a government grant from the Ukrainian Startup Fund after a successful appearance at the fourth Pitch Day.
