Financial aggregation platform Airbank raises $20m

Finance management platform for SMEs Airbank has closed a $20m Series A funding round.

The fresh capital comes a year after the startup, which uses open banking and related APIs to aggregate bank accounts, raised $3m in seed funding.

The raise was led by Molten Ventures, who previously backed Revolut,N26 and Freetrade, with participation from existing investors New Wave, Speedinvest and Entrepreneur First.

A number of business angels including Brex Strategic Advisor Bruce Wallace and HyperGrowth GP Guillaume Cabane also participated in the round.

“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,” Airbank CEO and co-founder Christopher Zemina said.

“We’re leaning heavily into full automation of financial management,” Zemina added.

Aiming to make their customers’ lives easier so they no longer have to worry about “mundane” finance tasks, the company provides an all-in-one banking platform to access financial data, initiate payments and manage cash flow.

The platform connects with the banks customers already use, including HSBC,Barclays and PayPal so that all financial information can be viewed from one account.

“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,” Molten Ventures partner Vinoth Jayakumar said.

“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.”

Airbank will use the money to expand its team, invest in product and technical developments and expand into new markets.