Big investments, big names and big plans. This would sum up the new announcement of the Czech startup BudgetBakers, in which Jasper Anderluh and Niels Klok decided to invest. The co-founders of the important European online broker Degiro send 6.25 million euros to a domestic company, which is over 160 million crowns, and it does not end there.
The investment will be spread over three years, with investors acquiring a minority stake in BudgetBakers. The Prague fintech startup, which develops Wallet and Board applications for managing personal or corporate finances, will be able to grow in the European market and Dutch entrepreneurs also count on it in their plans for a pan-European virtual bank.
“BudgetBakers is becoming part of the Fintech platform, which has the highest ambitions in the field of financial services. We provide our technology and know-how to a new partner who will integrate them into the pan-European virtual bank under construction. “ describes Michal Kratochvíl, Executive Director of BudgetBakers.
Behind the newly emerging SnipTech platform are Jasper Anderluh and Niels Klok, who, together with other founders, have been building the online broker Degiro since 2008. At the end of 2019, they announced that they were completely selling it to the German competitor Flatex, and it was a deal in the order of several billion crowns.
BoardBakers Board application for entrepreneurs
–
The goal of the Dutch is to build a new pan-European platform in close cooperation with BudgetBakers and using their PSD2 licenses, which will not only provide its customers with modern services in the field of personal finance management, but also enrich the product range with other services.
“At the same time, our key Wallet and Board products will continue to function as separate applications that we will continue to develop and expand. We are very much looking forward to the new challenges that await us in connection with this crucial step and a record investment in the coming years. “ supplies the head of BudgetBakers Michal Kratochvíl.
The money raised will therefore go to the further development of existing products. Two years ago, BudgetBakers introduced the Board application, with which they enable the management of financial flows for entrepreneurs, and score points in the long run with the Wallet application for personal finances. The year before, they also managed to stir the waters when they kicked out cooperation with Komerční banka, and last year they announced that they also plan to introduce the possibility of payments in their applications.
“By making BudgetBakers technology available through the API, European banks, fintechs and other third-party platforms will be able to easily implement high-quality PFM (personal finance management) solutions and offer them to their users. BudgetBakers is developing world-class technology and SnipTech will be in charge of selling and certifying systems. ” says Frank Schuitemaker, who is responsible for the API business side at SnipTech.
“The emerging pan-European project has great ambitions.”
–
Before BudgetBakers, who first came up with the mobile application for personal finance management in 2014, now is another challenge. He already serves clients around the world with Wallet, most of whom come from the USA, Russia and Indonesia. According to the company, today the application is actively used by 500 thousand users. Thanks to the new investment, more intervention should come in Europe as well.
“The emerging pan-European project has great ambitions and wants to become a leader in the provision of financial services,” confirms Jan Müller, technical director and co-founder of BudgetBakers, who founded the company with current product manager Martin Jiřička. The development was gradually supported by several angel investors, StartupYard and also Jakub Havrlant’s Rockaway – in total, they sent investments in the order of tens of millions of crowns to the company.
–
