The Spanish sector continues in good shape, launching projects every year that get the support of international investors that facilitate its expansion beyond our market. This is the case of Abacum, financial planning company founded by two Spaniards in San Francisco, which has recently closed an investment round.
This round was closed for a total of 7 million dollars, approximately 5.8 million euros, with the leadership of Creandum. In the same way, other venture capital companies such as K Fund, PROFounders and Y Combinator joined for this occasion. It was also attended by individual investors such as Justin Kan (co-founder and CEO of Twitch and Atrium), Maximilian Tayenthal (co-founder, co-CEO and CFO of N26), among others.
co-founder of Abacum, this initial funding will be used for growth and product development, with the intention of focusing mainly on European and US financial teams.
What is Abacum?
As we mentioned, Abacum is a fintech that offers solutions for the financial planning of medium-sized companies. In other words, this startup offers a software service for the financial management of SMEs, collecting data that they obtain through a native collaboration with key software platforms from other business unitsoffering reports in real time.
This startup was founded by Julio Martinez, an entrepreneur in projects in the financial area such as InnoCell and Jorge Lluc, an engineer from the European Space Agency. The idea of Abacum materialized in July 2020, based on the professional experiences of both founders in the financial sector. Among its first clients we find companies of scale in the European and American panorama such as Cabify, Typeform, Ebury, Garten, Jeff and Talkable.
Abacum’s business concept is simple: offers an automated financial management service, saving time and driving decision-making within companies. Likewise, it allows a more efficient collaboration between the different departments, by presenting an automated integration between the data of each one of them. According to statements by Martínez, Abacum allows financial professionals to properly focus on analyze and add value to the business:
“Before using Abacum, our clients’ financial analysts easily spent 50-70% of their time on manual tasks like downloading files from different systems, copying and pasting into huge spreadsheets (which crash frequently) , format the data by manually adding and removing rows, columns, and formatting, and connect the data in a model prone to manual errors (for example, vlookups and sumifs).»
An automated and intelligent service
In addition to offering more efficient management based on task automation, Abacum has other notable features, such as its machine learning technology. In this way, it not only allows companies to establish action plans based on their current data. But also generates a performance prediction based on historical databeing a useful approach for growing companies.
On the other hand, the focus of this service on the medium-sized company market is due to the bridging nature that these present: this sector of the market usually presents greater risks and challenges, in contrast to small or large brands, being also one of the least penetrated market sectors in the financial fieldbecoming a kind of pioneers.
Finally, being a company born in the midst of the global health crisis, it understands the changes that have occurred in the digital ecosystem. For this reason, its business approach offers a focus on efficiency, departmental collaboration. With a guarantee of specialized attention at all times.
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