Snab, a Madrid, Spain-based payment platform that allows payments and transfers between companies in one click, raised a €1.1 million pre-seed funding round.
The round saw participation from Y Combinator, 4Founders Capital, Glenfarne Group LLC, and several angel investors.
This investment will allow Snab to further develop its technology and offer new innovative functionalities that allow companies to have greater control of their finances and treasury.
Gorka Aguirre, CEO and co-founder of Snab thanked the investors for their confidence: “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”.
Snab 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, digitizing, 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.
Company: Snab Fintech, SL
Raised: €1.1M
Round: pre-Seed Round
Funding Month: February 2023
Lead Investors:
Additional Investors: Y Combinator, 4Founders Capital, and Glenfarne Group LLC
Company Website: https://snabfinance.com/
Software Category: B2B Banking Platform
About the Company: Founded in 2021, Snab is a cloud-based and AI-led platform that automates, digitizes, and simplifies business payments, cash collections, and treasury management. It allows small and medium-sized businesses (SMBs) to automate and digitize their business payments and cash collections and manage their finances. Snab is a pioneering business-to-business (B2B) payments and cash management platform in Europe that enables one-click transfers and payments without the need for manual data entry. The platform integrates an email inbox where invoices can be received automatically, and the reception process can be managed by scanning them.
Source: https://snabfinance.com/snab-pre-seed-round/