Austria-based accounting startup Finmatics has closed a Series A financing of EUR 6 million. The company has developed AI software to digitise and automate accounting processes.

Finmatics aim is to digitise the recording, processing, and pre-accounting of all types of receipts. In many accounting departments of tax and commercial law firms, these processes still take place manually. According to a Finmatics representative, automation using artificial intelligence is becoming increasingly important with the challenges facing the tax and accounting industry.

The startup states that its software results in time savings of up to 70% in accounting and document processing. Finmatics customers include over 900 law firms and 50,000 companies. Expansion plans The financing round was led by Mangrove Capital Partners, and existing investor eQventure participated again.

A Mangrove Capital Partners representative states that they believe in Finmatics’ vision of fully automating accounting processes in the future. The funds are to be used primarily for further growth in Germany, the expansion of the team at the company’s Vienna and Berlin locations, and for product development. The company plans to expand to more European countries in 2024.

Automated accounts payable with Finmatics With Finmatics' artificial intelligence and smart assistants, users can digitise their accounts payable. Smart checking routines help customers avoid errors, reduce liability risk and increase accounting quality. Finmatics allows users to process documents without purchase order reference.

The platform’s digital assistants use smart software and artificial intelligence to independently classify data. Even complex accounts payable workflows can be easily set up and processed by those responsible. The checking algorithms can aid users in detecting errors or preventing them from occurring in the first place.

Digital document approval Finmatics also offers digital document approvals, meaning that users can transform existing analog processes into clearly structured digital processes. Documents can be automatically transferred from an e-mail inbox to Finmatics. The platform then automatically reads relevant data from ingoing documents and forwards the documents to the respective responsible employees for document approval.

These employees can perform invoice verification in the web browser or via Smartphone App. Users can complete multi-stage approval processes that run across several departments and can implement company-specific risk management specifications. Once the documents have been fully approved, the Finmatics software exports the image together with the accounting record to users’ enterprise resource planning or accounting system.

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