Finmatics, a Vienna, Austria-based accounting startup that developed AI software to digitize and automate accounting processes, closed €6 million in Series A financing.
The round was led by Mangrove Capital Partners, and existing investor eQventure also participated.
The funds are to be used primarily for further growth in Germany, the expansion of the team at the company’s Vienna and Berlin locations, and product development. The company plans to expand to more European countries in 2024.
With Finmatics' artificial intelligence and smart assistants, users can digitize their accounts payable. Smart checking routines help customers avoid errors, reduce liability risk, and increase accounting quality.
Finmatics allows users to process documents without purchase order reference. The platform’s digital assistants use smart software and artificial intelligence to independently classify data. The checking algorithms can aid users in detecting errors or preventing them from occurring in the first place.
The startup aims to digitize the recording, processing, and pre-accounting of all types of receipts. In many accounting departments of tax and commercial law firms, these processes still take place manually.
Company: Finmatics GmbH
Round: Series A
Funding Month: March 2023
Lead Investors: Mangrove Capital Partners
Additional Investors: eQventure
Company Website: https://www.finmatics.com/
Software Category: Document Management Software
About the Company: Founded in 2016 by Christoph Prieler and Ulrich Troeller, Finmatics is a Software-as-a-Service (SaaS) company that provides artificial intelligence (AI) solutions for businesses of all sizes. It automates document processing, including digital automation of document receipt, document capture, pre-accounting, document sorting, and transparent and multi-level document release workflows via a mobile app. and also offers digital document approvals. The solutions provided by the company provide comprehensive functions for future-proof and efficient accounting. Finmatics' mission is to automate financial and accounting processes to eliminate unnecessary manual tasks. The company's customers include over 900 law firms and 50,000 companies.