Rauva, a startup building a financial super-app, says its platform will deliver country-specific banking and financial management tools to freelancers and small-and-medium-sized enterprises (SMEs) in Mediterranean Europe.
The platform says it is aiming to reach over 20 million potential users in the region.
Sam Mizrahi, a Canada-based entrepreneur, and Jon Fath, a financial technology executive, unveiled Rauva on Wednesday.
They noted that the Rauva app will come with features such as bookkeeping, cash flow management, prediction and budgeting.
The application will also make use of the latest machine learning and AI technologies, they said.
Additionally, they noted that the app will be built with the support of local enterprises through advanced market research and insight gathering.
The co-founders in a statement shared with Finance Magnates disclosed that Rauva will be first launched in Portugal and Spain in early 2023.
Speaking further on the purpose of Rauva, Fath noted that the app will take stress out of daily financial management for business owners "in a way that has never been done before."
He added that the app is being tailored to the local needs of SMEs and freelancers.
“This powerful new solution will provide a practical, seamless and integrated banking app that offers day-to-day financial management solutions and easy access to credit,” Fath said.
Banking in the Mediterranean
According to Rauva, although Europe’s Mediterranean region currently hosts 50% of the European Union’s SMEs and freelancers, banking apps in the region remain relatively sparse.
The startup explained that this is due to market specificities, such as differing tax, legal and banking requirements in the different countries in the region.
Sam Mizrahi, Rauva’s Chairman and Co-Founder, believes that the company can turn things around.
Mizrahi explained: “The world is evolving at a rapid pace, making it increasingly difficult for small enterprises to keep up with change and new global regulations.
“On top, we see that banking and finance requirements in different countries in Europe, Asia and North America can still be very different. This requires a tailor-made solution per market, and that is what Rauva is all about.
“Our model is simple, deliver an end-to-end solution that is then individually tailored to the specific market needs of our customers, providing them with a relevant, reliable and practical tool to manage their finances without borders.
“We can make the lives of a potential 20 million users in the region easier, every day. And, we do this by targeting five out of a total of twenty-seven European Union countries - that’s huge!”
