Sigma Software Group invested in Finmap, financial accounting service

Sigma Software Labs start-up incubator together with Inspirium Laboratories VC (both parts of the Sigma Software Group) had invested in Finmap, Ukrainian financial management service for entrepreneurs and SMEs.

Finmap allows business owners to see the state of their company without special knowledge of finance or complex systems. The main goal of Finmap is to take the “headaches” out of entrepreneurs' lives and help them avoid cash gaps. The service allows them to find answers to questions like how much they have really earned or which projects are more profitable and to help them avoid financial chaos. Information on business expenses and revenue are displayed on dashboards and filtered by project and client categories.

The startup was founded in January 2019 by two friends, Oleksandr Solovei and Ivan Kaunov. Since then the young company has gone through many trials and errors, but has eventually grown to 30 people, has received a $50K grant from the Ukrainian Startup Fund, and has enlisted the support of Dmytro Dubilet’s, one of the co-founders of Monobank, Ukraine’s first fully digital bank. Currently, Finmap already has a presence in 12 countries worldwide and the founders are working on a global partnership with VISA.

The new investments will go towards development, marketing, and doubling the team by the end of 2021. Finmap will also test new markets with near-term expansion prospects in Europe, Asia, and Latin America.

According to the founders, entrepreneurs today should not fear digitalization, but rather value their money and take a systematic approach to financial management: "By creating Finmap, we wanted to show business owners that the pain of keeping track of money can be solved with the help of technology. Financial accounting in spreadsheets and conservative CRMs has long been unresponsive to the demands of modern times. With just a few clicks in our system, the entrepreneur sees the situation on a single sheet and consequently makes the right decisions and controls the business' finances", Solovei and Kaunov say.

Valery Krasovsky, CEO and Co-Founder of Sigma Software Group notes: "The Ukrainian fintech industry is currently entering the next, more mature phase of its journey with more than 150 companies operating in the market. Half of them are already working with international clients. Finmap is one of those exciting projects with a truly great team behind them. We believe that Finmap has great potential to become a popular service abroad”.

Investment fund BRISE Capital, European startup accelerator Startup Wise Guys, and private smart investors, including Dmytro Dubilet, Arkady Verschebenyuk, and Mario Navarro, partner at Demium Startups, also took part in the round.