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FinTech Mistho raises EUR 3 million in Seed Round Funding
Berlin-based Open Payroll specialist Mistho has announced today that it raised EUR 3 million in a seed round funding. The funding round is led by Lightbird, with other backers including Flash Ventures, Global Founders Capital, FinVC, Nauta Capital and well-known business angels. The new funds are to be invested primarily into the further development of the product as well as the entry into several European markets, starting with UK and Germany.
Mistho Co-Founder & CEO Maximilian Czymoch is pleased about the fresh funding and looking forward to the next steps: “It is very exciting to establish the Open Payroll idea in Europe with our platform. Open Payroll is a fundamental part of the Open Finance movement and we strongly believe that consumers have the fundamental right to share their financial data directly with third parties, regardless of the systems in which this data is stored today. The liberation that Open Banking represents for the banking market is something we now want to realise with Mistho for HR and Payroll. We are convinced that in the future, decisions about individual creditworthiness will in most cases be based on first-hand financial data and not by looking at the past.”
“With our Open Payroll solution, we are empowering people in Europe to share their income data directly and securely with companies and thus to gain uncomplicated access to the credit and financial system. Corporate partners using Mistho through our standardised interface reduce vulnerability to fraud, save time and resources while enhancing the user experience,” added Shervin Panahi, Co-Founder & CPO of Mistho.
Thomas Meier, Managing Partner at Lightbird VC enlarges upon the opportunities of Open Payroll: “Within just 9 months, the Mistho team has been able to build a product that covers more than 70% of UK employees and can enable significantly faster and lower risk financial transactions for lenders, landlords, insurers and banks. We are excited to support them on building out the leading open payroll provider for Europe and to improve financial inclusion.”
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