Money management app Flow Your Money has raised €3.5 million ($3.8 million) from investors to expand its business in Europe.
The Dutch company’s latest investment was led by Eleven Ventures, a venture capital firm based in Bulgaria, while backers included European fintech luminaries including former Booking.com financial controller Marnix van der Ploeg, payments firm Silverflow co-founder Robert Kraal, and Payhawk founder and CEO Hristo Borisov.
The app uses automation technology to distribute individuals’ income according to preset rules set by the saver. It is targeted at freelancers and consumers and designed to become an autonomous method of money management, known as “self-driving money”.
Flow Your Money is set to use this latest investment for the development of its platform. Founder and CEO Daan van Klinken said: “Besides capital to scale up our platform and to develop artificial intelligence… this investment round brings a wealth of relevant knowledge. This will help us realize our ambitions to become the leading self-driving money player, not only in the Netherlands, but ultimately across Europe.”
The fintech company was founded in 2019 by Van Klinken, Niels Mulder and Danny Wilson, and the Flow Your Money app launched in 2020.
Vassil Terziev, Eleven Ventures’ managing partner, said app-based financial tools provided important support for the freelance sector.
“All the more people are choosing freelancing as a long-term career path,” Terziev said. “However, this market segment lacks suitable finance products and services, which often leaves gig-workers and freelancers out of the financial mainstream.”
The US has seen a recent emergence in interest surrounding the fintech markets, with major financial institutions investing and partnering with these firms.