Streamlining Integrations for Fintech Startups: Chift Raises €2.3 Million Seed Round
Fintech startups face the challenge of managing integrations with various financial tools to ensure consistency in their customers’ financial stack. Building connectors and partner integrations can become a time-consuming task as their integration ecosystem expands. This is where Chift, a Belgium-based startup, comes in. Recently, the company raised a €2.3 million seed round to continue providing its integration platform-as-a-service (iPaaS) solutions.
Chift acts as a third-party integration expert, offering a set of unified APIs compatible with popular financial tools. Similar to Codat in the UK and Merge in the US, Chift eliminates the need for startups to build connectors individually. The company has developed an accounting API compatible with renowned French accounting software from Sage, Cegid, and Pennylane. Additionally, they have integrated with invoicing tools, e-commerce platforms, and point-of-sale software.
The focus on financial tools is strategic, as the fintech market remains fragmented across European countries, each having its own accounting and invoicing platforms. Chift’s ability to access financial data from any SaaS product becomes invaluable for companies seeking a comprehensive view of their financial information.
As more companies adopt Chift’s services, the startup can expand its range of connectors, providing added value to existing clients. This also creates a barrier to entry for newcomers, as Chift establishes itself as a trusted integration partner.
Gauthier Henroz, co-founder and CEO of Chift, emphasized the complexity of the European market, particularly in terms of accounting, point-of-sale, and invoicing tools. By integrating with Chift, companies can upsell their services or explore new markets with ease. The seamless integration ensures minimal churn and opens doors to new opportunities for businesses.
One of the key advantages of partnering with Chift is the ongoing maintenance of integrations. As SaaS companies release updates to their APIs, Chift takes charge of keeping the integrations up-to-date. This allows SaaS companies to focus on their core products without having to worry about managing integrations.
Investors in Chift’s seed round include Entourage, Shapers, Seeder Fund, and several business angels. With the funding, Chift aims to become the European leader in providing integration solutions for fintech startups.
In conclusion, Chift’s innovative iPaaS offerings streamline integrations for fintech startups, enabling them to focus on their core products while ensuring seamless connectivity with financial tools. The company’s focus on the European market and its commitment to ongoing maintenance make it an attractive option for businesses looking to simplify their integration processes. With the recent seed funding, Chift is poised to grow and solidify its position as a leader in the industry.