Floodlight, the smart business account for e-commerce, announced today that it has raised a $6.4M seed funding round.
The round was led by Aleph, and 83 North, with contributions from Christopher North, former Shutterfly CEO and Amazon UK Managing Director, 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) and especially e-commerce retailers, face a challenging economic climate, increasing interest rates, and high operational costs. SMEs account for 99% of all businesses in the UK and the EU and are widely regarded as the cornerstone of most economies. E-commerce SMEs face an additional set of particularly difficult challenges, perhaps the most important of which is siloed financial data that they depend on. That data is spread across bank accounts, PayPal, Stripe, Shopify, Klarna, Xero, and more, leading to mistakes buried in endless spreadsheets, in addition to hindering optimisation and growth.
Floodlight's smart business account allows e-commerce SMEs to connect this plethora of financial platforms to one intuitive dashboard to effectively manage their finances and grow their businesses. The solution’s dedicated financial insights built on these connections provides businesses with clarity into their finances, reports on cash flow trends, and enables customers to turn insights into action via banking services. Users can seamlessly connect the platforms of their choice, such as their Shopify store, bank accounts, PayPal, etc. to tap into relevant data that further strengthens their personalised insights. Beyond tech, Floodlight clients have 24/7 access to human support, including financial coaching from a customer success team that specialises in e-commerce. Customers can also utilise Floodlight Debit Mastercards® with unlimited 1% cash back to promote their profitable growth.
“The community of e-commerce entrepreneurs deserves better than they're getting today. 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. They can better serve their international customers, employees, and providers, and ultimately create more value for their businesses,” says Noam Bernstein, Co-Founder and CEO of Floodlight. “Our unified solution makes those challenges a breeze and creates an easily manageable and smart control center. This seed round is an exciting validation of our platform and its massive potential to meet the needs of unserved SMEs.”
“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. We are incredibly excited to partner with Floodlight and join their commitment to this mission.” Says Michael Eisenberg, Equal Partner at Aleph. “Floodlight’s solution is the first we’ve seen that gives e-commerce business owners the insight, simplicity, and optimisation tools needed to stand out, succeed, and do so without going crazy.”