The financial modeling software provider for emerging companies, Finmark recently announced that the company has secured investment from American Express (Amex) Ventures, the strategic investment arm of financial services giant American Express.
Amex Ventures has joined a coalition of Finmark’s existing investors, including Draper and Associates, Bessemer Venture Partners and IDEAfund. With the recent investment, Finmark’s total seed funding has crossed the level of $11 million.
Founded in 2020, Finmark facilitates startups through innovative technology-driven solutions to understand financial modeling infrastructures. In the past 12 months, the fintech company has introduced several new features to provide cutting-edge financial tools.
“With Finmark, founders can build a financial model ten times faster than using templated spreadsheets, allowing them to have immediate access to real-time business insights,” said Rami Essaid, the CEO and Co-Founder at Finmark. “I’m extremely proud of what our team has accomplished since our launch, and am thrilled to be partnering with Amex Ventures to further our mission of making financial modeling easier for startups.”
American Express Ventures is one of the biggest investment groups in the world. In 2021, the firm invested in some of the fastest-growing fintech firms to increase the adoption of technology in the financial services industry.
Financial Complexities
According to Amex Ventures, the elimination of complexities in financial modeling drives overall productivity. The company is planning to support Finmark in the development of technical solutions for startups.
“Having real-time information and accurate forecasts to make decisions quickly and effectively in response to changing market conditions is vital to all businesses. Yet today, entrepreneurs largely rely on time-consuming and error-prone spreadsheets for this mission-critical function,” said Margaret Lim, the Managing Director at Amex Ventures. “Finmark is doing for financial forecasting what drag-and-drop website builders did for web development, eliminating complexity and making it intuitive for any entrepreneur to undertake sophisticated scenario planning easily and quickly.”
