Adfin secures $4.9 million to fix bill payments for sole traders and SMEs #Adfin, a UK-based #fintech startup, steps up to revolutionize bill payments for sole traders and small businesses. Founded by Tom Pope and Ciprian Diaconasu, Adfin addresses the persistent challenge of invoice payments that many small enterprises face. Tom Pope, who formerly worked at Tink, and Ciprian Diaconasu, with a 12-year tenure at Mambu, bring a wealth of experience to this innovative venture. Adfin's core mission is to simplify and streamline the payment process for businesses that often lack dedicated administrative staff. By leveraging an intuitive invoice management and payment platform, Adfin ensures businesses can effortlessly manage invoices and get paid promptly. The platform supports various payment methods including open banking, card payments like Apple Pay and Google Pay, and automates payment reminders for overdue invoices. Notably, Adfin’s service charges a flat 1% fee per payment, regardless of the method used, making it a cost-effective solution for small businesses. The startup has garnered significant attention and secured $4.9 million in seed funding. This round was co-led by Index Ventures and Visionaries Club, with additional backing from notable business angels such as Thijn Lamers (Adyen), Guillaume Pousaz (Checkout.com), and Eugene Danilkis (Mambu), among others. Adfin's entry into the market could have substantial implications. By easing the administrative burden and ensuring quicker, cheaper payments, Adfin could significantly enhance cash flow management for small businesses. This not only helps in maintaining financial health but also allows business owners to focus more on growth and less on the hassles of payment collection. As Adfin continues to develop and expand its capabilities, it stands to make a major impact on the fintech landscape, particularly for those who need it the most—sole traders and small enterprises. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA - Substack: https://lnkd.in/dzfGJzmW
Love the focus on SMBs, which both represent the largest chunk of businesses in most economies by most metrics, and have traditionally lacked access to solutions which are tailored to them. Good luck Adfin!
Nicky Harris
2w
Congrats and good luck guys!
Adfin
2w
❤️
Fintech expert | Manager | Investor | Advisor
3wThe article on #techcrunch: https://techcrunch.com/2024/07/10/adfin-wants-to-fix-bill-payments-for-tradespeople-lawyers-and-small-companies/