The capital will enable the Spanish company to further develop its technology and offer new functions to give its business customers greater control over their finances
Snab, a platform that automates payments for businesses, has raised €1.1m in its first funding round.
The transaction was finalised with YCombinator, a startup accelerator that has been used to launch Airbnb, Dropbox and Coinbase.
Investors in the round include venture capital firm 4Founders Capital, the US private investor Glenfare Group, and business angels such as Kantox’s founder.
The capital will enable the Spanish company to further develop its technology and offer new functions to give its business customers greater control over their finances.
Its solution automates and digitises the payment and collection cycle through a single cloud-based solution that enables businesses to manage their cash flow from a single place.
The app can extract data from invoices in multiple languages, from which users can establish invoice approval workflows based on parameters such as departments, quantities and roles, allowing invoices to be paid without leaving the platform.
Gorka Aguirre, chief executive officer and co-founder of Snab, commented: “Snab was created to help companies to digitise, eliminate manual processes and save time for the employees of these companies in the area of finance and treasury.
“The support of national and international investors of this huge size reinforces our vision and our conviction that Snab is the solution to these difficulties faced by thousands of companies in our country and globally.”
Snab reported 98% of Spanish businesses are SMEs and nine out of 10 say they are seeking new cash management solutions because they currently have manual processes.
Aguirre added: “The result is a drag on their growth. Digitisation contributes to the improvement and professionalisation of business management.
“Processes are optimised, errors are reduced, and, in addition, scalability is generated because employees themselves can devote more time to tasks that create greater value.”