Abacum raises $25 million to supercharge finance teams

It’s time to let the cat out of the bag… 

While we already know that our team of FP&A ninjas is pretty great, we are absolutely thrilled to see that some major investors also think the same. After just a year of operations, we are ecstatic to announce the closure of a $25M Series A round, bringing our total funding to $32M. Atomico was the leading investor and driving force behind this round of funding. 

While this Series A round is a major milestone for us, it was not the first time we secured funding for our SaaS platform. Back in April, we also received $7M during our seed round from a number of note-worthy backers, including Creandum, Y Combinator, PROFounders, K-Fund, along with several angel investors. 

Today, fast-growing companies like Typeform, AllTrails, Cabify, Yoco, and Ebury are all turning to Abacum’s intuitive software to take a more modernized approach to their reporting, forecasting, and modeling. While we don’t like to brag, our team is overwhelmingly proud of these incredible achievements and cannot wait to continue delighting Abacum clients across the globe!

Need a refresher on how it all started?

Abacum was founded back in 2020 by Julio Martinez and Jorge Lluch right in the midst of COVID. Now, most people would think that this was the absolute worst time to start a business. However, Julio and Jorge knew that this would be a winning idea, regardless of the global pandemic. The partnering founders used this time to buckle down, conduct extensive market research, and ultimately lay the foundation for what would soon become Abacum.

Now, the founders were no strangers when it came to navigating the world of finance. Julio was previously the co-founder and CEO of InnoCells, a digital innovation hub of Sabadell Bank, while Jorge was the CFO at Wallapop and COO at TravelPerk. After working years in finance both the founders knew that there were major pain points in traditional F&A processes. Lack of communication, collaboration, and automation bogged down reporting and forecasting, causing serious delays among finance teams while also leaving the door open to manual error. 

Aside from that, finance teams had to spend weeks sifting through countless spreadsheets and compiling data in order to conduct their monthly reporting. It was clear that standard FP&A practices needed to be tossed to the trash, but there was no streamlined option that could fill its place. Having first-hand experience and witnessing these burdens themselves, Jorge and Julio knew that financial reporting needed a shiny new upgrade. 

**In walks Abacum.

While keeping finance pain points in mind, Julio and Jorge decided to create a solution that not only automated financial data but also supported and encouraged collaboration across all teams to streamline reporting and improve forecasting accuracy.

Empowering teams to work smarter, not harder

Abacum is built on the pillars of automation, collaboration and fast time-to-insight, specifically catering to SaaS, Fintech, Mobility, MarTech, and Marketplace industries. 

So what does that mean for finance teams exactly? It means that they don’t have to spend days upon days swimming through a sea of Excel sheets to gather data. Now with Abacum, FP&A managers can spend less time on data collection and more time on their actual work – a true win-win for everyone in the company.

What is next for Abacum?

The founders are hitting the ground running in 2022 by growing our team internationally and refining our software capabilities. Just to give you some insight, back in April, we had just 15 employees at seed which has now expanded to 70+ global team members across 16 nationalities. 

In order to fully support Abacum’s growth trajectory, we’ve sought after top international talent to ensure that we have the very best players on our team. Some notable companies that our employees have previously worked for include AWS, N26, Mixpanel, BCG, Travelperk and Microsoft.

As our team continues to grow and evolve, we will be able to better support mid-market companies across the globe improve their forecasting and reporting all while seamlessly integrating with all stakeholders. 

The moral of the story? Abacum will help your finance team level up your FP&A processes and become the ultimate superheroes of your organization. After implementing our software, other teams are going to start questioning how you finance guys are getting through your monthly reporting so fast.  

It will be our little secret. ‍

Come and see why fast-growing scale-ups everywhere are turning to Abacum to streamline their FP&A processes by requesting a demo today.