German finance operating system for SMBs finway has raised €9.2m in a Series A financing raise led by Capital 49.
Also taking part in the round were btov Partners and 10x group as well as new investor ForceOverMass.
finway claims it replaces the inefficient, fragmented SMB finance tool market with one centralized platform covering invoicing and accounting workflows, spend and travel expense management.
The firm said it helps SMBs to eliminate a variety of time-intensive, error-prone manual tasks. By enabling intelligent and digital workflows, finway streamlines the entire accounts payable function.
Over the last two years, finway has acquired more than 400 customers across the DACH region, including MILES Mobility, Alasco and Recup and claims it has ‘silently emerged into one of Germany’s fastest growing B2B fintech platforms’.
The finway team will use the investment to advance the development of its software solution.
finway CEO and co-founder Jennifer Dussileck said, “We are thrilled by the support of ambitious, successful investors who see the potential of fintech in B2B.
“The need for efficient and automated spend management has never been greater, as cost control becomes more of a priority due to ongoing economic challenges. This is the time for finway to continue growing and proceed with our vision of productive, smooth, and hassle-free finance processes in every SMB.”
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