Snab has managed to close his first round of financing worth of €1.1 million. The operation of the Spanish platform that allows payments and transfers between companies has been supported by YCombinatorthe Silicon Valley accelerator.
Likewise, the venture capital fund 4Founders Capital, the North American private capital firm Glenfarne Group LLC and business angels as the founder of Kantox and the founders of the Spanish startup, Belvo. Throughout this process, the company has had the advice of the law firms Garrigues and RocaJunyent.
This investment will allow Snab to further develop its technology and offer innovative new features that allow companies to have greater control of their finances and treasury.
Gorka Aguirre, CEO and co-founder of the fintech has thanked investors for their confidence: “During my last professional stage in New York, I understood the difficulties that companies face when it comes to managing their finances, collections and payments. Snab was born with the commitment to help them go digital, eliminate manual processes and save time in the field of finance and treasury. The support of national and international investors of this caliber reinforces our vision and our conviction that Snab is the global solution to respond to these difficulties faced by thousands of companies around the world.”.
Fintech allows automate the payment and collection of invoices turning a tedious experience into a fully digitized experience with few clicks. Users can connect their bank accounts with the platform to be able to view all movements in real time from a single place and have a consolidated vision of the business.
Its solution is capable of automating, digitizing and simplifying a company’s complete payment and collection cycle, through a unique cloud-based solution that allows companies to manage treasury from the same place in a safe and simple way.
In the same way, the platform integrates an email inbox where you can automatically receive invoices and be able to manage, through scanning, the reception process. The application is capable of extracting the data from these with OCR technology (optical character recognition, in English) in approximately two seconds and in multiple languages to integrate it into the platform so that users do not have to carry out any manual process.
From this process, the user can establish invoice approval flows based on parameters such as departments, quantities or roles, among others. Once the process is complete, the user only has to click to pay the invoice, without having to leave the platform.
90% of companies look for alternatives to manage treasury
The Spanish business fabric is made up of 98% of small and medium-sized companies. Nine out of ten say that think of new solutions because they currently have manual processes that have not evolved for years, according to a Capgemini study.
Additionally, most SMEs say they struggle with issues related to cash flow and conversion cycles that they are unable to solve. “This situation is a drag on its growth. Digitization contributes to the improvement and professionalization of company management. Processes are optimized, errors are reduced and, in addition, scalability is generated because the employees themselves can dedicate more time to tasks that create greater value, while their well-being in the workplace increases substantially, giving rise to greater productivity, and increasing the retention and attraction of talentAguirre has indicated.
