Money Automation Startup Flow raises 3.5 million euros
Money automation solutions startup Flow Your Money raked in 3.5 million euros ($3.8 million) in seed funding led by Eleven Ventures, Silicon Canals reported Thursday, April 21.
The round also saw participation from RockSalt, Payhawk founder and CEO Hristo Borisov, Booking.com’s Marnix van der Ploeg, Silverflow co-founder Robert Kraal, and Travel Health Group owner Arnoud Aalbersberg. .
Based in Amsterdam, Flow was co-founded in 2018 by co-CEO Daan van Klinkenco-CEO Niels Mulder and chief technology officer Danny Wilson. The startup specializes in helping freelancers manage money and strives to automate budgeting.
It allows users to divide their funds into pre-determined spending and saving silos, including setting aside money for taxes. Flow then facilitates a secure transfer of funds to bank accounts.
“All the more people are choosing self-employment as a long-term career path,” said Vassil Terziev, managing partner at Eleven Ventures. “However, this market segment lacks suitable financial products and services, which often excludes gig workers and freelancers from the mainstream of finance.
“Flow is poised to revolutionize the orchestration of personal and business finance management, leveraging technology and AI. We are happy to continue supporting their journey.
The company launched an app in 2020 that automatically distributes incoming cash flows based on “triggers” and “smart rules” that users set themselves. Users always have an overview of income and expenses and know how much money is still available to spend.
Related: PYMNTS Intelligence: Responding to Consumer Money-In Mobility Needs
Flow obtained a Payment Services Directive 2 (PSD2) Open Banking license in 2020 and an Account Information Service (AIS) license. According to the report, it was one of the first public banking companies to receive both a PSD2 AIS license and a Payment Initiation Service (PIS) from Nederlandsche Bank.
The license allows users to connect to all European banks. According to the report, nMany Dutch banks, including bunq and Knab, as well as bigger players like ING, Rabobank and ABN AMRO, are already connected to Flow.