We’ve raised $3.3 million in seed funding to fix what’s broken in business banking. The round was led by WaterTower Ventures with continued support from Motivate Venture Capital, SaaS Ventures, and a few exceptional angels. This follows our $1.7 million pre-seed in 2023, bringing our total raised to $5 million.
Why Business Banking Is Still Stuck in the Past
In Canada, business banking still runs on old ledgers. If you’ve ever tried sending an EFT or wire, you’ve seen it yourself. You’re either stuck on a basic portal built for personal accounts or pushed onto a so-called “Treasury” platform – slow, clunky, and years behind. You have to apply just to send money electronically. And you’re charged $20 to $50 every time you try.
This is why cross-border cheques still exist. Wires are too expensive, and most businesses don’t realize there’s a better way.
Fueling the Next Phase of Modern Finance
This is modern financial infrastructure for companies that want to move fast.
And we’re not just building for large enterprises. Small businesses have been hit hardest by high FX fees and outdated rails. That’s why we’ve launched a new plan designed specifically for them: unlimited global payments for $29 per month with two users included. That includes EFTs, ACHs, SEPA, and other local payment rails – free, no matter how many vendors you pay.
To mark our funding announcement, we’re also offering the first 3 months completely free for any business that signs up by July 15.
This seed round gives us the fuel to go faster. We’re expanding our product into deeper AP automation – purchase orders, warehouse receipts, and magical expense management. We’re also extending into AR automation, so you can get paid faster and reconcile without the chaos.
Our mission is to simplify financial operations for businesses that want to grow without friction. To replace manual, expensive processes with something faster, smarter, and built for the way finance should work in 2025.
We’re just getting started.
—Prateek & Charles
Co-founders, Finofo
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