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.