UK-based fintech startup Viable has raised £2.4m in seed funding round to advance its financial technology solutions tailored for online and multi-channel merchants.
This investment is aimed at addressing the unique financial challenges faced by small and midsize businesses (SMBs) in the post-pandemic era.
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The seed funding round saw participation from Episode 1, Haatch, Portfolio Ventures, and a group of angel investors, including Martin Brailsford, Internet Fusion’s former founder and CEO.
The latest round follows a pre-seed round completed last year.
Founded in 2023 by Franklyn Martin, Henry Young, and Steven Haynes, Viable was established to bridge the gap between conventional financial management and the requirements of early-stage brands.
The startup focuses on crafting financial technology that simplifies financial operations and enhances working capital for the increasing businesses selling through platforms, including Shopify, Amazon, and TikTok.
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By GlobalDataThese online businesses are currently navigating a complex financial landscape, influenced by factors such as shifts in the debt and equity markets, rising operational costs, and heightened competition, all of which impact their financial health.
Viable’s platform utilises advancements in open banking, payments, and AI to provide its services.
It offers solutions to businesses to manage financial tasks, including transaction processing, financial reporting, budgeting, scenario visualisation, and access to funding.
Since its inception, Viable has been targeting sectors such as fashion, beauty, and health.
With the fresh capital, the company is set to expedite the development of its embedded finance products, thereby improving accessibility for merchants.
Recently, UK-based alternative lender TRIVER formed a partnership with Experian to improve finance access for small and medium-sized enterprises (SMEs).
This collaboration is expected to transform SME lending by offering faster advances on business invoices and utilising Experian’s data solutions for a streamlined application and approval process.
