Presentation of a London Fintech start-up that has raised seed funds

Viable, a London-based fintech startup aimed at helping small businesses with finances, has raised $3 million in seed funding.

Founded in 2023, Viable typically partners with e-commerce and direct selling (DTC) companies in the beauty, wellness and fashion industries to provide clearer data on their finances.

Co-founder Franklyn Martin said e-commerce companies face a dual threat: rising costs and investors turning away from the space.

“We work with small internet companies, typically founder-led, with small in-house finance teams,” Martin told Business Insider.

“After the Covid boom, there was less equity in this space, which means the plan for DTC enterprises is no longer VC-backed; it’s about growing with leaner teams and better financial performance earlier in the process, while dealing with rising costs due to inflation,” he continued.

Viable uses machine learning to flag and match transactions in real time to give businesses insight into their finances and forecasts of future balances. Users pay a monthly fee ranging from £500 to £1,500 (about $635 to $1,900) depending on the tier they choose, which may include access to more premium services.

The $3 million seed funding comes from Episode 1, Haatch, Portfolio Ventures and a group of angel investors. Funding began in mid-December last year and ended in April, Martin said.

Martin said the funds will be used to hire full-time employees, including a designer, as the company looks to accelerate the development of its products.

He added that the startup will also use it to develop embedded financial products, allowing users to access credit and lending facilities through the platform.

You can check out the company’s 14-slide presentation below: