Berlin-based SaaS fin mid has raised €35 million in early-stage funding for an embedded financial solution for B2B platforms serving small and medium-sized businesses.
Funding was raised from: Blossom Capital, early bird VC and Max Tienthal, founder of N26. Finmid also recently announced a partnership with commerce platform Wolt after coming out of stealth.
Founded in 2021 by former N26 employees Max Schertel and Alexander Talkanitsa, finmid offers a wide range of capital and payment solutions that small and medium-sized businesses can use to scale. His two signature products are Capital, a service that gives small businesses instant access to future revenue based on their sales history, and his B2B payment system that facilitates transactions.
The new funding will be used to continue customer expansion and onboarding across core European markets, as well as user interface improvements.
Max Schertel, co-founder of finmid, said:
“For hundreds of years, banks have served as outposts where local businesses can obtain bespoke banking solutions. Over the past few decades of consolidation, banking has become remote and impersonal. Small businesses have been left behind. At finmid, we bring business finance back to the front lines of business operations. With finmid, any B2B software platform can offer financing to their customers with just a few lines of code. Build on existing relationships and grow your business.”
Alexander Talkanitsa, co-founder of finmid, adds:
“Traditional banking will no longer be the primary source of business financing. Banks still have the largest pool of capital but are struggling to deploy it efficiently. New ways of banking We believe that B2B software platforms will become the future distribution channel for financial services due to our relationships with thousands of businesses. Additionally, these platforms have access to real-time data. By leveraging the extensive reach, data insights, and relationships that these platforms maintain alongside financial capital, we consider modern methods of business finance. ”
