Finmap, a cash flow management tool for small business owners, raised €1 million of investments in a new round. This financing will be aimed at marketing and locating the service in the countries of expansion – Poland and Turkey, strengthening its presence in English- and Spanish-speaking countries, and expanding the team.
The Polish-American venture fund, SMOK Ventures, became the lead investor. Co-founder and general partner, Paul Bragiel, has invested in over 400 companies in his career, including “unicorns” like UBER, Stripe, Niantic, Unity, and Zappos. This is the first time the fund is investing in a Ukrainian project.
The investment round was also joined by its previous lead investor, the Czech investment fund Presto Ventures, investment company Capital Genetics, and the CEO of tbi bank, Petr Baron.
As of today, over 2500 businesses are using Finmap for daily financial management. In the past year, the number of foreign customers has tripled – from 11% to 36%. Ukrainian entrepreneurs still make up the majority of customers – 64%.
“Despite constant challenges, we continue to develop our company and scale in new countries. Our mission is to help entrepreneurs better understand their businesses, by means of an “easygoing” product, that solves everyday cash flow management issues better and more efficiently, than an Excel sheet. We observe a positive trend regarding increasing Finmap’s presence in Central Europe. We are actively adding new integrations with local banks and establishing partner relations. In the past year, we managed to double the number of our users” – stated Finmap’s co-founder, Oleksandr Solovei.
Finmap’s main product is a cloud solution for browsers, and iOS app that helps business owners with easy and convenient financial management - both corporate and private. Business owners get real-time visibility on whats going on in their business in terms of money, avoid cash gaps and make right decisions. It has integrations with over 2800 European banks, as well as services like PayPal, Wise, Revolut, ApiXDrive, Fondy, etc; it also allows you to manage your crypto portfolio. For Ukrainian users, there are integrations with PrivatBank, monobank, and PUMB. In the near future, it’s planned to add the invoicing feature.
"In Finmap, we have managed to combine powerful functionality with an easy-to-use interface, which is especially valuable and important for time-conscious entrepreneurs. We are glad that additional resources and support will help us to extend this "powerful simplicity" to new markets." – comment Dmytro Dubilet, Finmap’s co-founder, Ukrainian entrepreneur.
The service is constantly updating and adapting to the local peculiarities of running a business. Finmap’s native mobile app was released in 2022; it allows quick and easy entry of financial data, and management of entrepreneurs’ personal funds. It’s an addition to a desktop version of the service, which is fully compatible with users’ accounts. In the near future, it’s planned to launch an Android version of the app, too.
Finmap gained its first investments in 2020, in the form of a state grant. Ukrainian Startup Fund (USF) financed the project with $50,000.00 within the fourth PitchDay.
Borys Musielak, founding partner at SMOK Ventures, commented: “I first met the Finmap team back in 2021 just after they raised their pre-seed round of financing and were looking to conquer the world. Then came the Russian invasion, loss of revenue, and they had to basically start from scratch. I was impressed by the resilience of Alex and the team who quickly restructured the company and put themselves in a position to grow outside the Ukrainian market. I believe that what Finmap offers is especially important now in this time of recession when every small and medium company across the globe worries about cash flow. At SMOK.vc we are working hard to support Ukrainian entrepreneurs by bridging CEE to Silicon Valley, and Im very proud to be leading the investment round of Finmap as part of that mission.”
Petr Baron, tbi bank CEO, has debuted with an investment into the project early in 2022 and proceeded with his support in the new round: "I am inspired by the drive and inspiration that the founders, Alex and Ivan, maintain at every stage of business development and with which they meet new challenges. They are evolving in tune with the project and are not going to stop achieving new milestones. Over the past year, Finmap has shown incredible growth and product adaptability, which once again confirms the importance of financial management and the relevance of this topic for European businesses."
"In todays challenging times, millions of small entrepreneurs around the world are left in the dark, struggling without basic control of their finances. In Finmap we discovered a company that has an enormous potential to apply innovative tech to change that daily struggle and is fueled by a passionate team that literally wont give up in the face of any adversity. We are grateful and very excited to be a part of its journey." – stated Andraž Grahek, Managing Partner at Capital Genetics.
The Russian invasion has also influenced the company. In April 2022, co-founder and Head of Growth Ivan Kaunov was mobilized to the Armed Forces of Ukraine as a reserve officer. After being wounded, he underwent rehabilitation for a while, and then returned to the air intelligence unit, where he now remains. Ivan commented that:
“Despite all the challenges that our country and our business have to overcome, we continue to work and grow. I am incredibly proud of my business partner and our team, their zeal and support, that they inspire me with every day.”.
Today, Finmap remains an example of the indomitability of Ukrainian business, that continues to grow and develop.
Finmap was founded in 2019 by serial entrepreneurs Oleksandr Solovei and Ivan Kaunov. At the beginning of 2021, the team was joined by Dmytro Dubilet, who is also a co-founder of monobank. In 2020 and 2021, the company received two rounds of investments from European investors and business angels, and successfully graduated from Startup Wise Guys accelerator.
Finmap’s team works entirely remotely and counts 59 specialists. Over 80% of them remain in Ukraine.