Mid-market European companies (10-250 employees), which includes startups and scale-ups, comprise a third of the European economy and are the engine of future growth. However, these companies are poorly served by today’s financial institutions. They are too huge for neobanks, who cater to consumers and the tinyest businesses, but not huge enough for traditional corporate banking – they are stuck in the middle with no clear financial home.
Seapoint interviewed 50+ founders of VC backed startups and found their financial stack is fragmented, manual, and costly. Depfinishing on their stage, startups apply four-six different financial products, relocating money between them, and relying on expensive accountants to stitch things toobtainher. Over 90% still run financial processes manually, despite having multiple bank accounts. And over half earn no interest on their cash deposits.
Seapoint is building the financial home that growing companies necessary. Instead of juggling a half dozen different financial tools, founders obtain everything in one place: business accounts, corporate cards, payments, and treasury management designed for quick-growing companies. AI then handles the tedious financial work that eats up founders’ time. It automatically processes invoices from your email, manages payroll, categorises expenses, and creates financial reports. What applyd to take hours of manual work now happens instantly in the background.
The result is simple: founders can tame the chaos of their finance functions, obtain clarity for the first time and turn cost savings and incremental interest into extra months of runway.
One early applyr is Kota who recently raised a $14.5 million Series A. Luke Mackey, co-founder and CEO states: “I’m excited. I finally have a bird’s-eye view of my finances, and am better able to create decisions for the business. Seapoint is an immediate win when it comes to managing cards and expenses, paying invoices and running payroll – we applyd to have multiple vfinishors for this, now it’s all in one place.”
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.
Mullaney states: “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.”
Will Prfinishergast, Partner at Frontline, states: “Neobanks have built great products for consumers, but mid-market companies have more complex necessarys that aren’t yet properly served. With a deeply experienced fintech team, Seapoint is leveraging recent advances in AI to transform the finance stack and solve this tedious issue for all scaling companies.”
Seapoint is currently operating in private beta – startups can join its waitlist at seapoint.co.
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