Seapoint Raises $3 Million for Financial Infrastructure for European Startups
Seapoint has come out of stealth mode and announced that it raised $3 million in pre-seed funding for its financial infrastructure for European startups.
The company said in a Wednesday (Sept. 17) blog post that its product provides founders with a real-time view of their complete financial picture, automates financial tasks, offers financial services, and provides a dedicated relationship manager.
“Neobanks can’t do this — they’re serving 500,000 customers,” Seapoint founder and CEO Sean Mullaney said in the post. “Traditional banks won’t do this — they don’t understand startups.”
“We’re building exclusively for venture-backed companies, which means we can provide the white-glove service you deserve alongside the automation you need,” Mullaney said.
Mullaney said in the post that he spoke with more than 50 European founders over the past year, heard descriptions of the difficulties they faced in getting access to financial services and software, and is now building solutions to these pain points at Seapoint.
Seapoint connects all of a startup’s banks, integrates their accounting software and customer relationship management (CRM) system, turns Gmail invoices into one-click payments, handles payroll in bulk, categorizes expenses, calculates value-added tax (VAT), and provides financial services like multi-currency accounts, corporate cards, international payments and treasury management, according to the post.
Plus, as a feature that makes Seapoint “fundamentally different,” it provides a dedicated relationship manager — a “real human who actually cares” and understands the startup’s business and the challenges faced by startups in general, the post said.
Seapoint invites startups to join its private beta and plans to open the platform to more startups and to mid-sized companies in the future, per the post.
The company’s pre-seed funding round was led by Frontline Ventures.
In a Thursday post on LinkedIn, Frontline Ventures said Seapoint’s AI-powered workflows “automate all of your most tedious financial tasks.”
“Founded by Sean Mullaney, Seapoint is tackling a problem we’ve seen time and again across our portfolio: mid-sized startups are underserved by neo- and legacy banks alike, and stuck juggling a patchwork of tools to manage basic finances,” FrontLine Ventures said. “It’s an operational tax that turns founders into part-time bookkeepers and pulls focus from building and scaling.”
It was reported Aug. 28 that that Europe produced 12 “unicorn” startups in the first six months of the year.
In May, the European Commission announced the EU Startup and Scaleup Strategy designed to support startups and boost Europe’s innovation economy.
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