Finmark, the financial modeling software provider for startups, has announced new funding from American Express Ventures, which is the strategic investment group of American Express (NYSE: AXP).
Amex Ventures joins several other existing investors, which reportedly includes Draper and Associates, Bessemer Venture Partners, and IDEAfund in order to bring Finmark’s total seed funding secured to more than $11 million.
Margaret Lim, MD at Amex Ventures, stated:
“Having real-time information and accurate forecasts to make decisions quickly and effectively in response to changing market conditions is vital to all businesses. Yet today, entrepreneurs largely rely on time-consuming and error-prone spreadsheets for this mission-critical function. Finmark is doing for financial forecasting what drag-and-drop website builders did for web development – eliminating complexity and making it intuitive for any entrepreneur to undertake sophisticated scenario planning easily and quickly.”
Finmark, established in 2020, gives startups the tools they require to better understand their firm’s finances, plan for steady growth, fundraise faster or more efficiently, and create accurate financial models.
The firm has reportedly experienced solid growth during the last year, introducing various new features and functionality to offer startups with the latest financial tools they require for success.
Rami Essaid, CEO and cofounder, Finmark, remarked:
“With Finmark, founders can build a financial model ten times faster than using templated spreadsheets, allowing them to have immediate access to real-time business insights. I’m extremely proud of what our team has accomplished since our launch, and am thrilled to be partnering with Amex Ventures to further our mission of making financial modeling easier for startups.”
As noted by its management, Finmark is a technology firm that offers financial planning and modeling software for startups.
Finmark’s platform takes complex financial concepts and calculations and “distills them down into a simple to use interface so companies can easily update, inspect, and share their financial metrics.”
Companies, from pre-revenue to pre-IPO, depend on Finmark to “align teams, drive collaboration, reduce costs and resources, and build the next generation of great startups.”