Fintech startup Finmap raised $1.2 million from European and Ukrainian investors

Funding will be directed to marketing and localization of the service in the expansion countries of Poland and Turkey, strengthening the presence in English-speaking and Spanish-speaking countries and expanding the team.

The lead 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 1C and Western Bid data import. 

The Czech investment fund Presto Ventures, the lead investor in the preliminary round, the investment company Capital Genetics from Slovenia and tbi bank CEO Petr Baron also joined the investment.

Today, more than 2500 businesses use Finmap for daily financial management. Over the past year, the number of foreign clients of the service has increased 3 times - from 11% to 36%.

Ukrainian entrepreneurs still make up a significant number of clients - 64%.

“Despite the constant challenges, we continue developing the company and scaling in new countries. Our mission is to help entrepreneurs better understand their own businesses with an "easy going" product that solves daily money management tasks better and more efficiently than an Excel spreadsheet. We are seeing 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 our 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 of the interface, which is especially valuable and important for entrepreneurs who value their time. We are delighted that additional resources and support can help sew this “powerful simplicity” into new markets.” adds Dmytro Dubilet,

The Finmap startup raised its first investments in 2020 through a state grant from the Ukrainian Startup Fund following a successful performance at the fourth Pitch Day.