Munich fintech startup Frienton has launched another funding round. Founded in 2021 by Josef Schindler, Oleksandr Taran, and Björn Wenninger, the company aims to consolidate all aspects of financial administration for small and medium-sized enterprises (SMEs) on a cloud-based platform. The newly raised funds come from a group of selected business angels and are intended to be invested specifically in software development and market presence expansion. The financing is a convertible loan; the exact amount was not disclosed.
Since its founding, Frienton has largely financed itself independently and has reportedly been cash flow positive for some time. Currently, around 300 companies use the Munich firm’s software solution. The goal is to expand into additional customer segments with its own Finance-as-a-Service platform – particularly e-commerce and SaaS companies.
Technology for automated financial processes
Frienton’s business model is based on a software-as-a-service solution that functions as a digital financial operating system. The platform is designed to simplify financial administration for SMEs – from real-time reporting like live financial statements and cash flow statements to automated accounting and variance analysis. The product concept is called “Closing the Money Chain.” The goal is a seamless digital connection between bank, accounting, tax consultancy, and tax authorities.
According to Frienton, a key differentiator is the fully automated integration of payment service providers like Stripe into the DATEV environment used by tax consultants. Additionally, there are interfaces to e-commerce platforms such as Shopify and Amazon – either already live or coming soon. The platform is continuously being expanded, particularly with regard to larger and established mid-market companies. Planned features include new functions such as cost center reporting for detailed business analysis.
