Spain’s Snab raises €1.1m

Snab, a European PayTech platform that offers B2B payments and cash management, has successfully secured €1.1 million in a funding round led by YCombinator, the famous accelerator known for launching companies such as Coinbase, Dropbox, and Airbnb. The round saw participation from 4Founders Capital, Glenfarne Group, and business angels including the founder of Kantox and the founders of Belvo, a Spanish start-up.

Snab is designed to simplify, automate and digitize treasury management for small and medium-sized businesses by offering a cloud-based solution that digitizes the entire end-to-end payment flow. With Snab, companies can easily make one-click payments and transfers without manual data entry. The platform also enables businesses to monitor their bank accounts in real-time, providing a consolidated view of the business and facilitating cash management.

The solution is capable of digitizing, automating, and simplifying a company’s entire payment and collection cycle, allowing companies to manage their cash flow from a single place. The platform integrates an email inbox for invoice receipt and management, with the ability to extract data from invoices using OCR technology in just two seconds, in multiple languages. Invoice approval workflows can also be established based on parameters such as departments and roles.

According to Snab CEO, Gorka Aguirre, the funding round is a reinforcement of the company’s vision and conviction that Snab is the solution to the difficulties faced by thousands of companies globally. He added that Snab was created to help companies digitize, eliminate manual processes, and save time for their employees in the finance and treasury departments.

In other news, Darksquare, an alternative investment start-up, has reportedly raised £260,000 in a funding round backed by angel investors.