Numarics Raises €10.2 Million to Offer Small Businesses All-in-One Digital CFO Solution
Swiss FinTech startup Numarics has raised €10 million ($10.9 million) in a seed funding round, offering small and medium-sized businesses (SMBs) a digital CFO solution to streamline their administration processes.
The seed investment, co-led by UBS Next and FiveT Fintech (formerly Avaloq Ventures), will also serve to meet other goals, from accelerating expansion into the DACH region (Germany, Austria, Switzerland), to further feature-adds, automating processes and acquiring other business-enabling services, TechFundingNews reported.
Commenting on Numarics’ vision, founders Kristian Kabashi and Dominique Rey said that by consolidating different software for accounting, invoicing, document management and liquidity planning, they are “building the back office of the future, creating a world where SMEs are free from business administration. Our business OS provides entrepreneurs with an all-in-one solution to run their company and scale faster.”
Founded in 2020, the Zurich-based FinTech firm is now operating from nine offices across Switzerland and has already built a client base of over 3,000, managing payments, cash flow, and financial services such as loans and invoicing.
Meanwhile, a new card-based embedded lending solution, launched by Swedish FinTech Froda last month, is making it faster and cheaper for Danish small businesses to access financing.
Developed in collaboration with Nordic digital challenger bank Lunar and Visa, the offering, which uses card rails for payouts and repayments, was successfully tested in Denmark during the spring before it was made available to all Lunar customers in the country, PYMNTS reported.
“It started with an idea and a sketch on paper more than a year ago, and now it has become a reality thanks to our partnership with Visa and Lunar,” Froda Co-founder and CEO Olle Lundin said in a release. “We have experienced a significant demand for the solution among Danish entrepreneurs during the test period, making Denmark a natural next step on our journey.”
In February, Froda announced a partnership with Lunar and Visa to launch a digital solution for small business loans.
At the time, the companies said Lunar will be able to offer its SMB clients access to business loans via Froda’s embedded lending platform as well as the ability to manage direct payments and repayments with Visa’s card.
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