Germany-based financial infrastructure innovator finmid has emerged from stealth and raised €35m in early-stage equity funding to expand its embedded financing solutions to businesses across Europe.
Finmid secured the funding from N26-founder Max Tayenthal, Blossom Capital, and Earlybird VC. The financing comes alongside the German company’s collaboration with European tech company Wolt.
The financial infrastructure innovator plans to broaden its reach into core markets, localise operations, and facilitate additional financing options to streamline platform integration and enhance user experience.
Wolt chief product officer Vincent Huang said: “We’re constantly looking for ways to support our merchant partners and help them succeed. Together with finmid, we’re able to provide easy and flexible access to additional financing – helping our partner develop their businesses, or have a safety net during tough times.
“The feedback we have received has been extremely encouraging, and we’re excited to see what kind of value we can create with the program moving forward.”
Established in 2021, finmid allows any business-to-business (B2B) software platform to provide funding to their customers at scale to bolster revenue and customer retention.
Besides, the finmid application programming interface (API) enables B2B software platforms to build flexible financing solutions with best-in-class user experience.
Finmid co-founder Max Schertel said: “At finmid, our mission is to help every business access the capital it needs. But our approach might surprise you. How do we bring back the relationships that made banking work for so long?
“With just a few lines of code, finmid enables any B2B software platform to offer financing to its customers, building on existing relationships with restaurants, retailers, and traders to fuel its business growth.”
Last year, finmid partnered with digital fresh produce B2B marketplace FruPro to launch FruPay.
The European marketplace FruPro is engaged in helping growers expand their network and earn potential by connecting and trading with new wholesalers, retailers and importers.