Floodlight, a smart business account for e-commerce, has announced that it has raised a Seed round of $6.4 million to help entrepreneurs simplify and manage finances. The round was led by Aleph and 83North, with contributions from former Shutterfly CEO and Amazon UK Managing Director Christopher North, Yuval Samet, CEO of RiseUp and former CPO of Klarna, and Juan Lobato, Founder and CEO of Ebury.
The funding comes as Small and Medium Enterprises (SMEs) face a challenging economic climate with increased interest rates and high operational costs. SMEs account for 99% of businesses in the UK and EU, but face many challenges in collecting the siloed financial data they rely on: data today is spread across bank accounts, PayPal, Stripe, Shopify, Klarna, Xero, and others, which often leads to mistakes buried in multiple spreadsheets. Floodlight helps e-commerce SMEs connect financial platforms into one dashboard to manage their finances more efficiently and help them grow their business.
“The community of e-commerce entrepreneurs deserves better than they’re getting today,” said Noam Bernstein, Co-Founder and CEO of Floodlight. “We want to give SME leaders the tools they need to grow their businesses with confidence. By providing a seamless financial management solution, we help SMEs overcome their daily challenges while unlocking opportunities to set themselves up for long-term growth.”
Floodlight’s solution has dedicated financial insights built from the connections it builds and can provide entrepreneurs and businesses with clarity in their finances, reports on cash flow trends, and helps customers turn their insights into action. “They can better serve their international customers, employees, and providers, and ultimately create more value for their businesses,” he continued. “Our unified solution makes those challenges a breeze.”
Michael Eisenberg, Equal Partner at Aleph, added: “Banks do not serve e-commerce entrepreneurs well. We are here to fix that. We are building a covenant with entrepreneurs that we are here to help them increase their financial resilience and build great businesses.”
Floodlight was founded in 2021 and helps customers achieve financial goals through digital solutions that can ensure the management of business finances. Its platform helps streamline financial records and helps businesses become more efficient.