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Finmid raises $24.7M to help SMBs access loans through platforms like Wolt

finmid is building an embedded finance product that targets that relationship between marketplaces and sellers, and raised a Series A round to further build out its product and enter new markets.

Marketplaces — typically two-sided businesses that bring together retailers or other third-party providers with customers to buy their products or services — are very classic targets for embedded finance companies, not least because they host a lot of transaction activity already, so it makes sense for them to build in more functionality around that to improve their own margins. As one example of how that works, Schertel said that food delivery brand Wolt uses finmid’s tech to offer cash advances to some of its restaurant partners directly inside its app. Unlike a bank, Wolt has access to the restaurants’ sales history, and finmid helps it leverage that data to decide who will see a pre-approved financing offer.

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