Canadian entrepreneur Sam Mizrahi and former bunq COO Jon Fath have announced that they are jointly launching a new fintech company, Rauva.
The start-up plans to create a new “super-app” to provide country-specific banking and financial management tools for small and medium-sized enterprises (SMEs) and freelancers in the Mediterranean region of Europe.
With headquarters in Lisbon and initial launches planned in Portugal and Spain, Rauva expects to bring its solution to market in early 2023, with plans for further expansion in Greece, Italy and France.
The company says it has received a “multi-million dollar investment” which it will use to develop its solution using artificial intelligence and machine learning technologies and offer services such as accounting, cash flow management and budgeting.
“We believe business owners spend too much time focusing on their finances rather than the work they are passionate about,” says Jon Fath, Rauva’s new CEO.
“We want to take the stress out of their day-to-day financial management by delivering a super app tailored to their local needs.”
He adds that the banking app will offer “day-to-day financial management solutions and easy access to credit.”