ANNA, a business small business banking account, has closed a funding round on £17.5m.
The investment came from Luxembourg-based multinational banking group ABH Holdings, which has picked up a majority stake within the FinTech.
Following the close of the investment, the FinTech is planning on releasing new products to support small businesses.
The company will also be using the funds to support the expansion of its platform outside of the UK and into Europe, according to a report from TechCrunch.
Furthermore, the TechCrunch report claims this funding round has put the valuation of ANNA at $110m and the company founders retain a 40% stake in the startup.
Last year, the FinTech platform secured £3.46m in its crowdfunding campaign, which it help on the Seedrs platform. The funding saw 20% of its equity distributed to the investors.
Prior to that, ANNA was listed as one of the 23 companies to the second instalment of Tech Nation’s FinTech programme.
ANNA offers a small business account and debit card, as well as an app to help with invoicing, expense tracking and taxes.
Copyright © 2020 FinTech Global