Madrid, Spain-based cash management startup Snab raised EUR 1.1 million in recent financing. The company announced the fundraise on February 6, 2023. Y Combinator, along with 4Founders Capital, the U.S. private investor Glenfarne Group LLC, joined in the investment. Meanwhile, business angels such as Kantox’s founder and the Spanish startup Belvo’s founders have also participated.
Purpose of financing for Snab
With the latest financing, Snab aims to use the investment to further develop its tech and add new features. It seeks to give businesses more control over their finances.
It also has plans to offer new integrated cloud solutions that enable finance teams to digitize and improve all areas of cash management and treasury.
What the founder of the company has to say
Speaking on the recent development, Gorka Aguirre, CEO and co-founder of Snab, said, “Snab was created to help companies to digitize, eliminate manual processes and save time for the employees of these companies in the area of finance and treasury. The support of national and international investors of this huge size reinforces our vision and our conviction that Snab is the solution to these difficulties faced by thousands of companies in our country and globally.”
Aguirre further added, “The result is a drag on their growth. During my last professional experience in New York City, I learned first-hand the difficulties businesses are facing in the areas of finance and treasury. Digitization contributes to the improvement and professionalization of business management. Processes are optimized, errors are reduced, and, in addition, scalability is generated because employees themselves can devote more time to tasks that create greater value while substantially increasing their well-being in the workplace. This leads to greater productivity and increases the retention and attraction of talent.”
About the company
Gorka Aguirre serves as the company’s CEO, which was launched in 2021. The Spain-based fintech is a pioneering business-to-business (B2B) payments and cash management platform in Europe. The platform enables one-click transfers and payments without the need for manual data entry. The fintech company seeks to simplify, automate and digitize treasury management for small as well as medium-sized businesses through a unique cloud-based solution. The solution allows companies to automate and digitize the entire end-to-end payment flow.
Famous Silicon Valley accelerator Y Combinator backs the Spanish startup Snab. The company boasts reputable national and international investors such as 4 Founders Capital, Glenfarne Group LLC, and renowned business angels.
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