UK-based mobile-only fintech startup ANNA has sold an additional 20% of the business to Luxembourg-based banking group ABHH to expand its footprint in Europe.
ANNA’s founders now own 40% stake in the company and ABHH becomes the majority stakeholder by investing $21m (£17.5m) in ANNA.
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The investment brings ANNA’s total valuation to $110m. The firm will continue operating as a standalone brand, retaining its London headquarters and customer service team in Cardiff.
ANNA, a mobile-first bank, tax accountant and financial service assistant for small and medium businesses (SMBs) and freelancers, plans to widen its offerings with the investment.
The startup plans to bring additional lending products, which will be integrated with other members of the ABHH, such as Amsterdam Trade Bank.
Additionally, ANNA will also use the investment to onboard 20,000 customers in its home country, before moving into Europe.
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By GlobalDataLaunched two years ago, the firm currently provides small businesses and freelancers with a current account, a debit card and a digital assistant.
The digital assistant helps its clients with administrative tasks such as sending and chasing invoices.
ANNA CEO Eduard Panteleev said: “We offer more of a financial assistant to users, rather than just moving their money, and it’s also a different business case, because we look at what a user needs more holistically.”
