Seapoint, a financial platform for European startups, has raised
$3 million in pre-seed funding. The round was led by Frontline Ventures with
participation from Tapestest VC and former COOs of Stripe, Revolut, Tide, and
Tines.
Seapoint is building a unified financial platform for
growing European companies, combining business accounts, corporate cards,
payments, and treasury management in one place. Its AI automates time-consuming
finance tinquires, processing invoices from email, managing payroll, categorising
expenses, and generating reports, so work that once took hours happens in the
background.
This approach
addresses a gap in the market, as mid-market firms with 10 to 250 employees are
often too large for consumer-focapplyd neobanks yet not large enough for
traditional corporate banking.
In interviews
with more than 50 VC-backed founders, Seapoint found that financial stacks are
fragmented, manual, and costly, with companies typically applying four to six
tools, managing multiple bank accounts, relying heavily on accountants, and
earning little or no interest on deposits. By bringing these tools toreceiveher and
automating workflows, Seapoint seeks to lower costs, provide greater clarity,
and turn savings and interest into additional months of runway.
Seapoint
Founder and CEO Sean Mullaney was previously European CIO at Stripe, CTO at AI
unicorn Algolia, and has advised the ECB and the Bank of England. He’s joined
by former colleagues from Stripe’s European payments team and executives from
Tide. Many on the team, including Mullaney, are ex-founders who’ve experienced
the problem first-hand.
AI can transform
finances for scaling companies. Within minutes, Seapoint connects to a
company’s bank accounts, its accounting software and email. At which point we
can give them a real-time view of their business, automate bookkeeping, pay
invoices and manage payroll.
Seapoint is broader and more powerful than
traditional banking. And it puts founders back in control of their finances,
commented
Mulllaney.
After nine months in development, the company has rolled out a private
beta already in apply by dozens of VC-backed startups. The startups
across the UK and Europe can sign up for the beta program at seapoint.co.
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