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Pennylane , Qonto , Agicap , Pleo and Mollie have one affair in unwashed . They all useChiftin one way of life or another to manage integrations with other help . And this relatively vernal Belgium - based startup just raise a € 2.3 million seed round ( $ 2.5 million at today ’s interchange rate ) .
Many fintech inauguration rely on consolidation to make their product cultivate with their customer ’ financial stack . They often finish up building countless connectors and better half consolidation to keep fiscal information consistent across several products . As their integration ecosystem grows , they sometimes rely on an iPaaS supplier ( integrating platform - as - a - religious service ) .
Chift fundamentally acts as a third - party integration expert . It works a piece likeCodatin the U.K. andMergein the U.S. Instead of building connecter one by one , Chift volunteer a set of merged APIs that are compatible with the most democratic fiscal instrument out there .
For instance , Chift has developed an account API that is compatible with French account software package from Sage , Cegid and Pennylane . The company has also developed integrations around invoicing tools , e - commerce platforms and point - of - gross sales software .
Chift has decided to focus on financial tools first . “ We ’re integrating with putz that generate financial data , ” co - founder and CEO Gauthier Henroz told TechCrunch .
Unlike other industries , the fintech grocery store is still relatively disconnected — each European land has its own method of accounting or invoicing weapons platform . But it can be useful to be able to access financial information from any SaaS product .
As more companies start relying on Chift , the startup can add more connectors . All of Chift ’s client can profit from these new integration . As an add welfare for Chift , it produce a barrier to entrance to newbie .
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“ In Europe , that ’s where all the complexity lies . Things are going to be unlike in every rural area , especially for method of accounting , points of sales agreement and invoicing tool , ” Henroz articulate .
“ We help oneself our customers , who then upsell or spread up fresh grocery store . There ’s very little churn because you ’re desegregate , you ’re connected , you link them to others and you make newfangled chance for them , ” he added afterwards in the conversation .
Developing an integration is n’t a one - off project either . Companies release updates to their APIs , which can lead to failures . Chift is in kick of maintaining these integrations . SaaS companies can focus on their core product alternatively of those integrations .
Investors in the seed round includeEntourage(Pieterjan Bouten ’s fund),Shapers(Philippe Teixeira da Mota ’s fund ) , Seeder Fund and several commercial enterprise angels . “ Our goal is to become the European leader , ” Henroz order .
