Snab, a Spanish business-to-business payments and cash management startup, has raised €1.1 million in pre-Seed funding.
YCombinator led the round, with contributions from 4Founders Capital, Glenfarne Group, and business angels from Kantox and Belvo.
Snab's platform scans invoices as they arrive and enables users to establish approval workflows based on parameters such as departments, quantities, roles. Once the process is completed, the user simply clicks to pay the invoice without leaving the platform.
In addition, businesses can connect their bank accounts to monitor transaction flows in real-time from a single dashboard, providing a consolidated view of the business and cash management status.
Gorka Aguirre, CEO and co-founder of Snab, comments: "Snab was created to help companies to digitize, eliminate manual processes and save time for the employees of these companies in the area of finance and treasury. The support of national and international investors of this huge size reinforces our vision and our conviction that Snab is the solution to these difficulties faced by thousands of companies in our country and globally."