Lithuanian fintech takes €685K pre-seed to simplify freelance finance management
Vilnius-primarily based startup DeepFin raises €685K in a pre-seed round led by Superhero Cash, Finnish early stage VC business and joined by Iron Wolf Cash, a seed stage VC fund from the Baltics. The round also captivated numerous business angels. The startup develops simplified finance and tax administration methods for freelancers as perfectly as corporations partnering with freelancers. The newest capital will support the corporation with the even more developments of the system. DeepFin is also aiming to extend into new marketplaces and welcomes new team users together the way.
DeepFin is a personalized monetary assistant for freelancers. DeepFin is going right after a massive and promptly growing freelancer and gig worker sector, by presenting electronic resources to put their finance, accounting and tax administration on autopilot.
DeepFin has been a beneficiary of mega trends in the labor marketplace, with people today trying to get bigger adaptability by means of impartial do the job. Lithuania, the company’s exam-mattress current market, has a lot more than 200,000 unbiased personnel, whilst in excess of 40m men and women engage in this kind of operate throughout the EEA. An estimated 28m people are element of gig overall economy platforms across Europe, with this range set to develop to 45 m people today by 2025.
The company’s app permits seamless invoicing, monitoring of payments through open banking, ongoing tax liability estimates, so that their clientele can get compensated a lot quicker, develop earnings and control tax charges. DeepFin’s client foundation is very varied and incorporates gig staff, blue collar personnel as perfectly as white collar specialists. While it in the beginning started with a B2C concentration, DeepFin also discovered that their alternative is remarkably appropriate for organizations as perfectly as gig platforms seeking to cooperate with freelancers.
“We discovered that corporations more and more favor the versatility of functioning with the self-employed, and thus are in need to have of a solution that would aid them handle this facet of the business enterprise. For our company companions, we present a licensing application as component of which we integrate with their devices, teach their freelancer companions as perfectly as present our application to them”, states COO Gabija Gertienė.
The company’s early corporate associates involve mobility platforms Bolt and Wolt.
DeepFin will use the investment decision to even more greatly enhance its product or service, fortify the crew as perfectly as develop to more European markets.
Click on to examine more funding information.
