Business Angels Fund invested in Lithuanian fintech Spenfi

Lithuanian Business Angels Fund invested in Lithuanian fintech Spenfi. Czech investment firm Presto Ventures and several business angel investors also participated in a €800K seed round. Presto Ventures invested €300K.

Spenfi was founded in Vilnius in 2019 by Povilas Zinys, Vladyslav Tkachuk, and Yuri Rachek. The startup automates finance management in small and medium-sized enterprises (SMEs). According to the company, it has linked the management of corporate cards, invoices, and subscriptions and integrated banking and accounting software.

One of its solutions is a multicurrency IBAN that works with the corporate bank account and accounting software. Another solution is company debit cards. With the cards, there is no need to adjust the limits of each card for teams and employees. Besides, each debit card limit is managed automatically according to the remaining budgets. The startup offers a common inbox to attach invoices, purchase orders, and receipts. The company uses AI to extract invoices & document data automatically in more than 60 languages, turning invoices into digital format.

Spenfi works with companies that help manage VAT return documents in Lithuania, the Netherlands, and others. In the future, it plans to add other services such as loans, currency transfers, and payment processing via PSD2 (which allows banks and third-party service providers to exchange financial information securely and services electronically and with customer authorization). The company has more than 60 clients in 12 countries.

Spenfi will use the investment to expand into German and other markets and develop new functionalities. 

Business Angels Fund is a Lithuanian fund for supporting early-stage Lithuanian startups. The core investor of the fund is the Lithuanian state-owned company INVEGA. It co-invests with a business angel(s) on an equal basis with a ticket size of up to €600K. The latest investments are Lithuanian charging solutions for smart electric cars Inbalance Grid and open data service Okredo.