Finnish FinTech Zevoy Raises $16M to Roll Out Across Europe

Zevoy, the Finland-based FinTech, has closed on a 15 million euros ($16.3 million) Series A funding round, the startup announced Tuesday (April 12).

The cash will be used to launch in eight European markets during the next few months.

This round was led by Blossom Capital, the London-based venture capital company, alongside European investors Maki.vc and Brightly Ventures.

Founded in the summer of 2020, Zevoy offers an expense management solution, as well as credit and prepaid debit, to its clients.

Zevoy is expected to secure a credit institution license this year, which will allow the firm to accept deposits.

“Expense management is a big pain point for many companies and their employees,” said CEO Christoffer Rosqvist in a statement. “To solve this, Zevoy offers an all-in-one business card with which you can scan receipts, match purchases with receipts, manage and forward expenses digitally into accounting.”

Zevoy focuses on underserved markets and growing companies have proven to be a sweet spot, he added.

Last month, PYMNTS reported that the while Nordic region may be small, with a population fewer than 6 million in Norway, Denmark and Finland, they are global leaders in innovation.

See also: Lunar Uses Digital to Dislodge Nordic Incumbents and Gain Banking Market Share

The region’s banks have played a dominant role in this technological development, investing in the latest clearing and settlement systems, mobile wallets, digital banking IDs and payments infrastructure.

“When we launched the business back in 2015, the Nordics already had a 90%+ mobile banking adoption rate, [which gave us an advantage over] other challenger banks that were going live in other European territories,” Ken Villum Klausen, Lunar’s founder and CEO, told PYMNTS.