Airbank Announcing $20 million in Series A funding
Today is a special day for us at Airbank. We’re announcing a $20 million Series A round led by Molten Ventures and are honoured to have Bruce Wallace (Strategic Advisor at Brex), Guillaume Cabane (Strategic Advisor at Ramp), and Axel Wieandt (Senior Advisor at Jefferies) join the round. The funding will be used to expand our team, develop our product and extend coverage to new European markets by the end of 2022.
We’re driven to build the next-generation finance platform for founders and CFOs. This means offering a variety of solutions under one roof – from tracking cash flow and automating payments, to handling expenses and speeding up bookkeeping. Vinoth from Molten Ventures said it best when he explained why he chose to invest in us:
“Airbank is distinctly the only software-first company we met, to bring a complete financial management solution to its customers, using better insights and automation.”
Our journey so far
Before starting Airbank, I supported other founders as a VC while they built successful businesses. I learned about the tremendous challenges they faced in their day-to-day finances. I then joined Entrepreneur First where I met Patrick and discovered that we both share a strong interest in B2B Fintech. Given our complementary backgrounds, it didn’t take us long to start ideating, and that’s how Airbank was born.
We welcomed our first customer in August 2021 – shortly after raising our seed round – launched publicly in October 2021, and have been stunned at the response from the market. Fast-growing startups as well as traditional businesses seeking greater financial efficiency have all chosen Airbank as their finance management platform of choice.
Our mission and next steps
For us, Series A is a huge achievement. But more so, it opens up a completely new chapter. With this new investment, we’re even better positioned to continue investing in our product, its distribution, and growing our own team.
Building the best team in Fintech
We could not have achieved this level of growth so quickly without a remarkable group of people. So – despite a shaky economic outlook – we’re well-positioned and will continue to hire exceptional talent across all departments around the world – join us ?!
Doubling down on Hybrid Work
An undeniable ingredient of our growth was the ability to hire members from all over the world and provide options with regard to how and where they want to work. After setting up three European hubs – in Berlin, Barcelona and Vienna – we want to expand our teams in those hubs as well as grow into different hubs in Europe and beyond.
Leading with Product-first
We’re building a future where being a CFO is synonymous with using Airbank. This means we constantly ship new products and features (coming up next: payments and cards ?). Our deep customer understanding in B2B fintech allows us to innovate from a customer-centered perspective. If executed right, we can deliver the #1 finance platform of the future at a fraction of the costs today – ranging from global banking and accounting connectivity, to payments, corporate cards, and business financing.
Growing our global footprint
This new funding round will help us accelerate our expansion into more countries. We have integrated 1,500+ banks last year and will expand our coverage to 20,000+ banks in the coming weeks. We will be in 50+ countries by the end of 2022. This means that Airbank will be the most comprehensive global SMB banking solution in the industry, with the ability to connect bank accounts from almost anywhere in the world.
Changing how businesses spend money
In the end, we don’t want to be just another company that provides financial services or automates processes. We’re building the hub where all financial decisions are made. We ultimately want to change the way companies spend money for the better by providing businesses with automation and controls to save time and money.
As we start an exciting new chapter, we want to thank our 1,000+ customers for their early trust and feedback, our small but mighty team for their dedication and passion, and our investors for their continuous support and guidance.
Chris
CEO of Airbank
- Find the press release here
Source: Airbank