Copenhagen-based Moneyflow, an embedded fintech startup, announced on Wednesday, August 31, that it has raised €250M in a debt financing agreement with Banking-as-a-Service (BaaS) provider Aion Bank.
Wojciech Sass, CEO of Aion Bank, says, “We believe the best banking products and services should be accessible to everyone, and Moneyflow is doing exactly that for SMEs. The goal of our BaaS business is to enable brands, retailers and fintechs like Moneyflow to embed financial services that help drive new innovation. We are excited to help the Moneyflow team accelerate their growth that will result in more businesses getting paid faster.”
Funds for expansion
Moneyflow claims it will use the funds to accelerate the roll-out of its embedded finance services across platform partners in the Nordics and broader Europe.
The Danish fintech startup and Aion Bank also intend to extend their cooperation into additional markets. Aion and its technology partner, Vodeno, will provide a number of banking services to Moneyflow, including access to local IBANs and local payment schemes where the Bank is currently established in Europe.
Kim Ulf Rehfeld Thodén, Moneyflow’s CEO and founder, says, “We believe in a future where getting paid is easy. Upfront, early, or just as agreed, we put the control in the hands of the receiver, not the payer. The balance sheet support from Aion Bank is the largest single raise amount made available to a fintech of our nature in Scandinavia. We are now ready to step on the accelerator to take on the large and expanding market opportunity.”
Brief about Moneyflow
Founded in 2018 by Danish entrepreneur Kim Ulf Rehfeld Thodén, Moneyflow offers SMEs invoice funding and revenue funding within their current workflow platform, allowing brands to expand. To do this, the company claims to have developed the “most” advanced underwriting engine on the market with advanced risk and payment predictions.
Due to the absence of the danger of late payments, businesses can release cash from invoices and future revenues. SMEs can sell their invoices and revenue streams directly into their ERP platforms such as Visma e-conomic, Dinero and Ordrestyring.
Moneyflow is governed by the Danish Financial Supervisory Authority.
About Aion Bank and Vodeno
Aion Bank and Vodeno work together as business partners to transform the financial services sector. With the help of banking experts, a cloud-native “360” platform ecosystem, and an ECB banking licence that can cover the entire EU market on a passport basis, the companies provide embedded financial services for banks, lenders, and merchants across various industries.
Aion and Vodeno have the capability to satisfy regulatory requirements while enabling rapid innovation. Their solutions include every aspect of the banking ecosystem, including “smart contract enabled” core banking, accounts, onboarding, payments, cards, and investment and lending options.
Aion Bank and Vodeno are separate companies and backed by global private equity firm Warburg Pincus LLC.
