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Money Automation Startup Flow Picks Up €3.5M


Money automation solutions startup Flow Your Money notched €3.5 million ($3.8 million) in seed funding led by Eleven Ventures, Silicon Canals reported Thursday (April 21).

The round also saw participation from RockSalt, Payhawk founder and CEO Hristo Borisov, Booking.com’s Marnix van der Ploeg, Silverflow co-founder Robert Kraal and Travel Health Group’s owner Arnoud Aalbersberg.

Headquartered in Amsterdam, Flow was co-founded in 2018 by co-CEO Daan van Klinken, co-CEO Niels Mulder and Chief Technology Officer Danny Wilson. The startup specializes in helping freelancers with money management and strives to automate budgeting.

It enables users to divide their funds into pre-determined spending and savings silos, including setting aside money for taxes. Flow then facilitates a secure transfer of funds into banks accounts.

“All the more people are choosing freelancing as a long-term career path,” said Vassil Terziev, Managing Partner at Eleven Ventures. “However, this market segment lacks suitable finance products and services, which often leaves gig-workers and freelancers out of the financial mainstream.

“Flow is on its way to revolutionizing the orchestration of both personal and business finance management, leveraging technology and AI. We are happy to further support their journey.”

The company launched an app in 2020 that automatically distributes incoming money flows based on “triggers” and “smart rules” that users set themselves. Users always have an overview of income and expenses and know how much money is still available to spend.

Related: PYMNTS Intelligence: Meeting Consumers’ Money-In Mobility Needs

Flow was granted a Payment Services Directive 2 (PSD2) Open Banking license in 2020 and an Account Information Service (AIS) license. It was among the first open banking firms to receive both an AIS and Payment Initiation Service (PIS) PSD2 license from De Nederlandsche Bank, according to the report.

The licensing enables users to connect to all European banks. Per the report, newer Dutch banks including bunq and Knab, as well as bigger players like ING, Rabobank and ABN AMRO, are already connected to Flow.

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