Personal finance app Bilance grew 745% in the last year and raised €300k in pre-seed investment
European fintech Bilance, which is on a mission to help everyone achieve financial security, announced a sevenfold increase in turnover last year. At the end of the year, they also secured an investment of 300,000 euros to continue international growth and expand the technical team. The funding round was led by Specialist VC, while Grünfin co-founder and former Wise key employee Alvar Lumberg and historical investor Thorgate Ventures also participated.
Launched in early 2022, Bilance is an AI-based mobile app that helps users automatically track their spending habits and take steps to improve them. The app takes advantage of open banking to offer secure connections with over 1000 banks across Europe. Then, the app automatically categorizes user’s expenses and allows them to set budgets, track bills and monitor their savings rate.
According to Mihkel Vetemaa, co-founder and CEO of Bilance, the past year was characterized by rapid growth in Estonia and expanding to Latvia, Lithuania, and Finland. "Based on our data, Bilance has already become the most popular personal finance app in the Baltic states. We have helped more than 18,000 people gain a better overview of their finances," comments the CEO.
Interest in the Bilance app has been boosted by the weak economic outlook in Europe. Inflation, high interest rates, and tax increases have prompted people to seek ways to better manage their finances. "In today's economic environment, the value of the Bilance app clearly stands out," commented Kaspar Hanni, partner at Specialist VC.
The creators of the app emphasize that tracking personal expenses is an important step in promoting financial literacy. "Users tell us that tracking expenses helps them make more informed financial decisions. Over time, this increases people's financial security and provides opportunities for saving and investing," explained Mihkel Vetemaa.
"Poor financial literacy is a major issue in Europe and around the world, and that's exactly the problem Bilance is trying to solve," added Raido Pikkar, founder of Thorgate Ventures.
Bilance, launched in 2022 by Erik Vetemaa, Mihkel Vetemaa, and Mikko Leo Selg, is a European fintech startup. The Bilance mobile app is available on both iOS and Android devices. The app offers secure bank connections that comply with EU financial supervisory standards through a partnership with GoCardless.
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