The Rauva start-up is developing a “super app” for Europe
Two entrepreneurs are working together to launch the Rauva financial “super app” for the Mediterranean region of Europe and provide an integrated solution compatible between countries.
canadian entrepreneur Sam Mizrahi and fintech framework Jon Fat are developing Rauva to provide the banking and financial community with an automated solution for banking and financial management needs, according to a Press release Wednesday (June 8).
The two plan to launch Rauva’s services next year, with initial launches in Portugal and Spain. Based in Portugal, the startup is underway with multi-million dollar funding as it begins to develop its new solution.
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“We believe business owners spend too much time focusing on their finances rather than the work they are passionate about,” Fath, co-founder and CEO of Rauva, said in the announcement. “We want to take the stress out of their day-to-day financial management in a way that has never been done before – by delivering a great app tailored to their local needs.”
In the European Union, 50% of the self-employed and small and medium-sized enterprises (SMEs) are concentrated in the Mediterranean region of Europe, according to the statement. But banking apps that serve this population are “relatively rare due to market specifics such as different tax, legal, and banking requirements in different countries.”
Rauva plans to serve these 20 million potential customers and provide a market-specific solution that is beneficial to this entrepreneurial customer base, depending on the release.
“The world is changing at a rapid pace, making it increasingly difficult for small businesses to keep up with change and new global regulations,” Mizrahi, co-founder and chairman of Rauva, said in the statement. “Furthermore, we see that banking and financial requirements in different countries in Europe, Asia and North America can still be very different. This requires a tailor-made solution per market, and that is what Rauva is.
“Our model is simple: deliver an end-to-end solution that is then individually tailored to our clients’ specific market needs, providing them with a relevant, reliable and convenient tool to manage their finances without borders.”