Austrian fintech startup Helu.io has brought in over €9.8 million in funding to build a new way for European SMEs to manage financial controlling, reporting, and budgeting.
The round was led by fintech specialists CommerzVentures, alongside tech-focused VC IRIS and early-stage investor Speedinvest.
The financial reporting and due diligence management platform had secured $5 million in seed funding in 2021.
The new investment brings the company’s total funding raised to about €14.8 million.
The startup will utilize the new cash infusion to expand its product offering with a budget planning module launched in 2023 to enable CFOs of SMEs to set up a seamless experience throughout the budgeting, controlling, and reporting processes.
Many small businesses across Europe are still manually building these excel sheets, merging accounting with non-financial data meaning processes are slower and more cumbersome than they need to be.
Founded in 2020 by Franz Salzmann, the Vienna-based fintech is helping CFOs and financial managers of SMEs to automate financial controlling and reporting processes.
With easy-to-use software, Helu.io integrates into accounting software, enabling companies to transform their complex financial data into individual and easy-to-understand reports in a short time. Franz Salzmann, founder, and CEO of Helu.io, said: “Financial reporting and controlling is still an enormously manual process in all medium-sized companies worldwide. We want to automate this work and make it possible with just a few clicks.
With this latest financing round, we can look forward to achieving large parts of our goals and continue to set a new standard for this category.”
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