The company will use the new funding to fuel its product development, grow its team and expand into new markets across Europe, it said in a Tuesday (June 10) press release.
“We’ve seen firsthand how disconnected systems and repetitive manual workflows slow finance teams down; they deserve better tools — ones that unify fragmented data, automate workflows and free them to focus on strategic decisions,” FinanceKey CEO Veikko Koski said in the release.
The FinanceKey platform connects banking, enterprise resource planning (ERP) and treasury systems; standardizes financial data; and fully automates payment processes, according to the release. It can be used as a standalone dashboard or integrated into existing systems.
These capabilities free treasury and finance professionals from handling reconciliations, payment execution, bank integrations and other low-value tasks, and give them a real-time view of cash across accounts and entities, the release said.
The platform has automated over 1.5 billion euros in payments to date, and its users include the multinational enterprises Nors, Bravedo and Obton, per the release.
Tim Bolte, venture partner at Maki.vc, which led FinanceKey’s seed funding round, said in the release that the platform “solves a clear, urgent need in the market.”
“The traction they’ve achieved with large enterprises speaks volumes, and this is just the beginning,” Bolte said.
Technology adoption is accelerating among treasurers at mid-sized companies because legacy systems, siloed spreadsheets and manual reconciliation can’t keep pace with modern liquidity demands, PYMNTS reported in May.
The adoption of treasury management systems that integrate seamlessly with ERPs, banking portals and accounts payable/accounts receivable systems digitizes workflows and allows treasurers to make faster, data-driven decisions.
Chief financial officers of companies in the United States with more than $1 billion in revenue have found that generative AI is delivering returns, according to the February edition of PYMNTS Intelligence’s “The CAIO Report.”
The report found that the share of CFOs reporting a “very positive” return on investment from the technology leaped from 26.7% in March 2024 to nearly 87.9% in December.
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