Flow Your Money raised €3.5m in a seed investment round led by Eleven Ventures

By Joy Dumasia

Flow Your Money (Flow), the money management app for freelancers and consumers, has raised a €3.5 million seed investment round led by Eleven Ventures. The round was joined by RockSalt, the venture arm of SaltPay, as well as Silverflow co-founder Robert Kraal (former COO Adyen), Hristo Borisov (founder and CEO of Payhawk), Marnix van der Ploeg (Booking.com) and Travel Health Group’s owner Arnoud Aalbersberg. The investment will enable Flow to scale up its platform, making it possible to distribute incoming and outgoing money automatically flows, taking a step towards ‘self-driving money’: smart, fully autonomous money management. Flow can also expedite European expansion plans as it sets out to become the largest player in this fast-growth market.

Flow Your Money was founded in 2019 by Daan van Klinken, Niels Mulder and Danny Wilson. The FinTech company launched an app in 2020 that automatically distributes incoming money flows across budgets, savings accounts and investments based on ‘triggers’ that users set themselves. With the help of ‘smart rules’, it is possible to set up a money system that automatically budgets and prioritises income. This way, money flows directly into ‘jars’ or different accounts so that users have an overview of all their income and expenditure, and it is always clear how much money is still available to spend.

The money management app offers solutions to freelancers and the self-employed. In addition to irregular income and the need to reserve money each year to pay VAT, insurance, pension and income tax, entrepreneurs often lack the time and overview to manage their financial future properly. In addition to freelancers, consumers, who cannot always muster the necessary financial discipline, also benefit from a money system that takes all the worries out of their hands. Flow contributes to achieving their financial goals; whether that is schooling expenses, homeownership, or a rainy day holiday fund, they rest safe in the knowledge that their money is working for them and their needs without crunching the numbers daily.

Daan van Klinken, Founder and Co-CEO, said: “We are very happy with the awarded capital and the expertise of this group of investors. The existing investors have also shown that they continue to believe in Flow Your Money. Besides capital to scale up our platform and to develop artificial intelligence for that purpose, this investment round brings a wealth of relevant knowledge. This will help us realise our ambitions to become the leading self-driving money player, not only in the Netherlands but ultimately across Europe.”

Vassil Terziev, Managing Partner at Eleven Ventures, said: “All the more people are choosing freelancing as a long-term career path. However, this market segment lacks suitable finance products and services, which often leaves gig-workers and freelancers out of the financial mainstream. Flow is on its way to revolutionise the orchestration of both personal and business finance management, leveraging cutting edge technology and AI. We are very happy to welcome the founders to the Eleven family and further support their journey.”