Amsterdam-based Flow acquired by Dutch accounting firm SnelStart

Amsterdam-based Flow, a specialist in embedded finance, has recently become part of the SnelStart group, a supplier of administrative software for SMEs.

The acquisition follows a successful partnership between Flow and SnelStart in delivering embedded banking solutions, made possible by Adyen’s banking-as-a-service platform.

Embedded finance means integrating financial services, like payments or loans, into non-financial software, such as accounting programs or apps.

Post acquisition, Flow will operate independently while leveraging SnelStart’s resources and customer base.

Flow and SnelStart have partnered to offer integrated banking services.

With Flow’s technology, entrepreneurs can open a business account with SnelStart within one working day, fully connected to their accounting systems.

Flow: Money automation app

Founded by Daan van Klinken, Flow started as a money automation app called Flow Your Money and had its PSD2 license.

It has now transformed into a fintech company that helps businesses become financial service providers.

By focusing on user-friendly financial technologies, Flow allows companies to offer banking services through its platform, FlowOS.

The company has raised nearly 5 million euros from investors like Eleven Ventures, Teya, and angel investors, including Robert Kraal (co-founder of Silverflow and former COO of Adyen), Hristo Borisov (founder and CEO of Payhawk), Marnix van der Ploeg (from Booking.com), and Arnoud Aalbersberg (owner of Travel Health Group).

Van Klinken, founder of Flow, says, “Integrating banking is the future of finance for entrepreneurs. By linking up with financial services and providing the infrastructure, licences, compliance and ready-made front-end, we bring user-friendly financial solutions within reach, within existing software.”

SnelStart: Bookkeeping solutions

Based out of Alkmaar, SnelStart provides bookkeeping solutions for over 75,000 entrepreneurs and approximately 3,600 accountants and administrative offices.

It offers affordable software designed for sole traders and small to medium-sized enterprises (SMEs).

Key features include receipt scanning, quick online invoicing, and easy VAT returns.

The software also offers automatic bank links, quotations, payment reminders, and detailed reports. Users can access their accounts on mobile devices, tablets, laptops, or desktops, with all data securely stored in the cloud.

For accountants or bookkeepers, SnelStart Accountant facilitates effective online collaboration with clients. Users can assign responsibilities for different tasks and monitor their workflow through a user-friendly dashboard, enabling them to serve as financial advisors for their clients.

CEO Herman Weessies says, “SnelStart is building an environment in which entrepreneurs don’t have to switch between systems, but can bank, file tax returns and even arrange financing. All in one place. By collaborating with Flow, we can accelerate the realisation of embedded banking without having to build a front-end from scratch ourselves. ’With this step, we are safeguarding the continuity of that collaboration and can further deepen it.”