Snab closes €1.1 million investment round
- It has the support of the prestigious Silicon Valley institution YCombinator, the Venture Capital fund 4Founders Capital, the U.S. private investor Glenfarne Group LLC and the founders of successful companies in our country such as Kantox (recently acquired by BNP Paribas) and Belvo, among others.
- The fintech offers SMEs a platform that automates, digitizes, and simplifies the management of Business to Business (B2B) payments, cash management and treasury.
- The company will use this investment to further develop its platform and offer new integrated cloud solutions that enable finance teams to digitize and improve all areas of cash management and treasury.
Madrid, February 6th, 2023. Snab, the Spanish payment platform that allows payments and transfers between companies in one click, has raised €1.1Million in its first funding round.
This transaction has been finalized with the prestigious accelerator, YCombinator, where companies like Airbnb, Dropbox and Coinbase among others were born. It has also counted with the participation of the venture capital 4Founders Capital, the U.S. private investor, Glenfarne Group LLC, and business angels such as the Kantox’s founder and the Spanish startup Belvo’s founders. Throughout this process, the company has been advised by Garrigues and RocaJunyent, the most reputable law firms in Spain.
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”.
The fintech 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.
With Snab it is possible, for the first time in Spain, to automate and digitize the entire payment cycle, allowing invoice payments to be made in one click by integrating banking infrastructure within the platform.
The platform integrates an email inbox where invoices can be received automatically, and the reception process can be managed by scanning them. The application can extract the data from the invoices with OCR technology (Optical Character Recognition technology) in approximately two seconds and in multiple languages.
From this process, the user can establish invoice approval workflows based on parameters such as departments, quantities, roles, etc. Once the process is completed, the user simply clicks to pay the invoice without leaving the platform.
Nine out of ten companies seek alternatives for cash management
98% of the Spanish business market is made up of small and medium-sized companies. Nine out of ten say they are seeking new solutions for cash management because they currently have manual processes that have not evolved for years.
“The result is a drag on their growth. During my last professional experience in New York City I learned first-hand the difficulties businesses are facing in the areas of finance and treasury. Digitization contributes to the improvement and professionalization of business management. Processes are optimized, errors are reduced, and, in addition, scalability is generated because employees themselves can devote more time to tasks that create greater value, while substantially increasing their well-being in the workplace. This leads to greater productivity and increases the retention and attraction of talent,” said Aguirre.
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 fintech simplifies, automates and digitizes treasury management for small and medium-sized businesses through a unique cloud-based solution that enables companies to automate and digitize the entire end-to-end payment flow.
Snab is one of the few Spanish companies that has the backing of YCombinator, the famous Silicon Valley accelerator, where companies like Airbnb, Dropbox and Coinbase among others were born, and has reputable national and international investors such as 4 Founders Capital, Glenfarne Group LLC, and renowned business angels.
You can visit the website: https://snabfinance.com