Snab, a PayTech platform that allows payments and transfers between firms in one click, has bagged €1.1m in its funding round.
The transaction was finalised with the accelerator YCombinator, where firms such as Coinbase, Dropbox and Airbnb were born.
The round also saw participation from 4Founders Capital, Glenfarne Group and business angels such as the Kantox’s founder and the Spanish startup Belvo’s founders.
Snab is a B2B payments and cash management platform in Europe that enables one-click transfers and payments without the need for manual data entry.
The firm simplifies, automates and digitizes treasury management for small and medium-sized businesses through a unique cloud-based solution that enables companies to automate and digitize the entire end-to-end payment flow.
Snab claims it makes it possible to automate bill payments and collection by turning a tedious experience into an experience of a few clicks. In addition, users can connect their bank accounts to monitor them in real-time in one dashboard to have a consolidated view of the business thus facilitating cash management.
Its solution is capable of automating, digitising, and simplifying a company’s entire payment and collection cycle through a single cloud-based solution that allows companies to manage their cash flow from a single place securely and simply.
Snab said, “With Snab it is possible, for the first time in Spain, to automate and digitize the entire payment cycle, allowing invoice payments to be made in one click by integrating banking infrastructure within the platform.
“The platform integrates an email inbox where invoices can be received automatically, and the reception process can be managed by scanning them. The application can extract the data from the invoices with OCR technology (Optical Character Recognition technology) in approximately two seconds and in multiple languages.”
From this process, the user is able to establish invoice approval workflows based on parameters such as departments and roles. Once the process is completed, the user simply clicks to pay the invoice without leaving the platform.
Snab CEO Gorka Aguirre said, “Snab was created to help companies to digitize, eliminate manual processes and save time for the employees of these companies in the area of finance and treasury. The support of national and international investors of this huge size reinforces our vision and our conviction that Snab is the solution to these difficulties faced by thousands of companies in our country and globally.”
Darksquare, an alternative investment startup, has recently reportedly raised £260,000 in a funding round backed by angel investors.
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