(Airbank has since rebranded as Friday Finance)
We are delighted to announce that Molten Ventures has led a $20m Series A funding round in Airbank, a finance management platform designed to help businesses save time and money.
Airbank’s software modernises finance management by providing businesses with a wide range of solutions on a single platform - ranging from tracking cash flow and automating payments to handling expenses and accelerating accounting. Old finance management methods require considerable overheads with the average employee spending four hours a week on repetitive finance tasks including budgeting, forecasting, bill payments, and expenses.
Airbank seamlessly integrates into the existing systems of customers, connecting to the banks its customers already use, so they do not have to switch from their existing financial solutions. Within just a few clicks, Airbank offers the user instant insights into their finances and allows them to consolidate multiple accounts in one place.
“We’re radically simplifying the process to help our customers save hours of analysis and administrative work so that they can redirect their time to actually running their business,” said co-founder and CEO Christopher Zemina.
In six months since launching, Airbank has seen more than €1.5 billion in annualised transactions flowing through its finance platform. The money raised will be used to expand its team or c. 40 staff, invest in significant product and technical developments, and expand into several new markets.
The round was led by Molten, with further participation from business angels, Bruce Wallace (Strategic Advisor at Brex), Guillaume Cabane (Strategic Advisor at Ramp), and Cris Conde (Senior advisor to Accel Partners) and existing investors New Wave, Speedinvest, and Entrepreneur First.
“Airbank is unique in its vision of building the future of the end-to-end CFO suite,” said Vinoth Jayakumar, Partner at Molten Ventures. “While massive companies have been built by becoming the integrated platform for various business functions, there has yet to be an obvious winner in corporate finance. We've been spending the last few months thinking about how the finance software stack will evolve and we're super excited about the platform Airbank is building to be the hub of where all financial decisions are made.”