It’s our great pleasure to confirm today that BudgetBakers, a StartupYard 2015 alum, has raised a combined €290,000 in seed funding, from investor and gaming magnate Petr Zamecnik and former CEO of HomeCredit and GE Money, Ivan Svitek. Along with the funding round, BudgetBakers also announced, via Lupa.cz, that Michal Kratochvil, former Director of Accenture in Central Europe, has joined as the startup’s new CEO.
The team, formerly led by Jan Muller, who will remain as the company’s CTO and product manager, plans to roll out a full-featured personal financial management suite in 2016, accessible via web, Android and iOS, and has announced a series of integrations with partnering financial institutions, allowing its users to access their various financial services in one place. They will be capitalizing on new EU initiatives which encourage banks to integrate more closely with 3rd party finance and e-commerce platforms.
Since 2015, BudgetBakers has surpassed 1,000,000 downloads on Android, and is ranked among the most popular products in the AndroidPlay store for budgeting and expense tracking.
A Finance CEO for a Fintech Startup
Michal Kratochvil brings decades of experience in banking to his new head role at BudgetBakers, where he intends to push the company towards closer cooperation with consumer banking in Europe, and worldwide. On his new position, he said this week: “I’m pleased not only at the opportunity to lead a dynamic startup in a whole new and unexplored business, but also to bring my years of experience working with banks to bear in helping BudgetBakers forge new partnerships, and create amazing customer experiences in personal finance.”
StartupYard Managing Director Cedric Maloux was also pleased at the news of another in a series of recent successes for the accelerator, saying: “When we accelerated BudgetBakers in the Summer of 2015, they already had a very promising product with a large number of installs, but close to zero revenue. After 3 months at Startupyard, [BudgetBakers Founder] Jan Muller and the team focused on building a strong business model and B2B distribution channels. Today’s announcement is a confirmation that this work is paying off, and Michal joining as CEO is just going to put them into a new gear.”
We want to take this opportunity to congratulate Michal, Jan, and the whole BudgetBakers team on this big step towards realizing their goal of becoming an indispensable part of personal finance for people all around the world. Way to go!