Fintech
The pitch deck of the London startup that has raised initial funding
Viable, a London-based fintech startup that aims to help small businesses with finances, has raised $3 million in seed funding.
Founded in 2023, Viable typically partners with e-commerce and direct-to-consumer (DTC) companies in the beauty, wellness and fashion industries to provide clearer data on their finances.
Co-founder Franklyn Martin said these e-commerce businesses are facing a dual threat: rising costs and investors moving away from the space.
“We work with small online businesses that are typically founder-led, with small in-house finance teams,” Martin told Business Insider.
“After the Covid boom, there has been less equity in the industry, meaning the blueprint for DTC businesses is no longer VC-backed; it’s about growing with leaner teams and better early-stage financial performance, tackling at the same time as rising costs resulting from inflation,” he continued.
Viable uses machine learning to tag and match transactions in real time to give businesses insight into their finances and projections of future balances. Users pay a monthly fee ranging from £500 to £1,500 (around $635 to $1,900) depending on the tier selected, which can include access to more premium services.
The $3 million in seed funding comes from Episode 1, Haatch, Portfolio Ventures and a group of angel investors. Funding began in mid-December last year and was completed by April, Martin said.
Martin said the funding will go toward full-time hires, including a designer, as the company looks to accelerate product development.
He added that the startup will also use it to develop integrated financial products, allowing users to access credit and lending facilities through the platform.
Check out the company’s 14-slide pitch deck below: