Berlin-based fintech start-up Finmid has emerged from stealth backed by €35 million in early-stage equity funding.
The funding round was led by UK-based VC Blossom Capital and was supported by existing investors Earlybird and N26 founder Max Tayenthal.
Founded in 2021, Finmid provides financial infrastructure to enable B2B platforms to offer their small and medium-sized business (SMB) customers, such as restaurants or retailers, access to tailored financing support.
The firm is positioning itself to take on traditional financial institutions when it comes to financing local businesses, stating that it provides “a much-needed alternative to banks for European SMBs looking for financing support”.
Finmid claims that “in the last few decades of consolidation, banking has become distant and impersonal, leaving small and medium businesses behind”.
It says it intends to utilise its new funds to “expand to core markets, localise operations, and support more financing options for easier platform integration and a smoother user experience”.
Additionally, the fintech has revealed that it has formed a partnership with Wolt, a Finnish food delivery platform, aimed at bolstering its merchant support.
Through the partnership, first formed last year, the pair have created ‘Wolt Capital’, a cash advance feature designed to assist merchants using the Wolt platform.
Source: fintechfutures.com
