Fintower, a Gothenburg-based FinTech startup, has raised €1.5 million in an oversubscribed seed round. The Swedish business intends to replace human spreadsheets with an AI-powered financial planning tool.
Chalmers Ventures, Akka, the Stena family through William Olsson, and a number of business angels are among the investors. Current investors like Alexander Hars, Daniel Jonsson of Inet, and Almi stepped up their involvement. The investment round has to be extended due to the tremendous demand.
Fintower addresses a problem familiar to many growing companies: budgets, forecasts, and reports are scattered across countless Excel spreadsheets, analyses are time-consuming, and data is prone to errors. The platform consolidates these processes into a single system. Users can use AI to understand what drives revenue or simulate the impact of different scenarios—without switching between multiple tools.
Salman Eskandari, co-founder of Fintower, says: “We have to extend this round due to the high level of interest. Sadly, not everyone who wished to take part was able to do so, which demonstrates that what we are creating truly fills a need. The market needs contemporary tools for analysis and decision assistance and is prepared to shift away from Excel-based planning.”
Ehasn Yazdani, CTO & co-founder of Fintower commented: “We’ve focused on products, sales, and personnel, and we’re connecting finance and operations within the same system.”
Eskandari and Ehsan Yazdani founded Fintower with the intention of revolutionizing how businesses handle their money. Instead than focusing on practical reality, many current solutions are designed for accounting structures.
Growth businesses with high control and transparency requirements are the platform’s target audience; these businesses are usually found in the software, tech, financial services, retail, and energy industries.
Fintower has gained clients in a number of industries since its first funding round. The fresh funds are being used to develop new products and create a long-term company based on its current offering. The inventors see their program as a component of a larger revolution in which AI will take over analysis and decision support, and repetitive operations will be mechanized.
Yazdani further added: “The revolution of finance departments is happening. Automation of repetitive work is growing, and artificial intelligence is being used as a tool for analysis and decision assistance. Our objective is for Fintower to emerge as the premier platform in the Nordic nations.”
The intended geographic concentration is on Northern Europe, a market with a robust startup ecosystem and a strong affinity for digitization.
Chalmers Ventures Investment Director Jonas Bergman, said: “Fintower assists expanding businesses in transitioning from Excel to intelligent financial decision support. The company is well-positioned to scale efficiently and create long-term value with its AI-based platform and a team that combines deep technical expertise with strong business acumen. It’s unclear if Fintower will be able to fully control the Nordic market. In any event, the firm has the freedom to take on its next stage of expansion thanks to the seed financing.”
