Flow Your Money, an Amsterdam, The Netherlands-based supplier of a cash administration app for freelancers and shoppers, raised €3.5M in Seed funding.
The spherical was led by Eleven Ventures, with participation from RockSalt, Robert Kraal, Hristo Borisov, Marnix van der Ploeg and Arnoud Aalbersberg.
The corporate intends to make use of the funds to scale up its platform and expedite European growth plans.
Based in 2019 by Daan van Klinken, Niels Mulder and Danny Wilson, Stream Your Cash provides options to freelancers and the self employed, which makes it potential to mechanically distribute incoming and outgoing cash flows. The corporate launched an app in 2020 that mechanically distributes incoming cash flows throughout budgets, financial savings accounts and investments primarily based on ‘triggers’ that customers set themselves. With the assistance of ‘good guidelines’, it’s potential to arrange a cash system that mechanically budgets and prioritises earnings. This manner, cash flows straight into ‘jars’ or completely different accounts, in order that customers have an outline of all their earnings and expenditure and it’s at all times clear how a lot cash continues to be accessible to spend.
Stream has had a PSD2 Open Banking license since 2020, permitting it to view and provoke monetary transactions. With this, the fintech was one of many first Open Banking firms to obtain each an AIS and PIS PSD2 license from the Dutch Central Financial institution, making it potential to attach all European banks. In addition to newer Dutch banks, reminiscent of bunq and Knab, main gamers like ING, Rabobank and ABN AMRO are already linked to Stream.