Europe’s revenue-based finance platform Levenue has announced that it has raised €8m in Series A funding, led by Truffle Capital and included Freshmen Fund, as well as acquired fintech Cake.

Levenue is changing the landscape of financing for subscription-based businesses.

Subscription-based businesses might utilise the anticipated earnings of their current subscriptions as security for financing rather than accepting capital in exchange for shares that would reduce the founders’ control over their company.

Since Levenue’s inception in 2021, investors have invested over €300m ($325m) in subscription-based businesses through its revenue-based financing platform.

Rapidity of financing is another advantage for business owners.

The process of assessing enterprises for finance takes only 48 hours, and after they are put on the revenue-based financing marketplace, funds are usually received in three days.

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Additionally, underwriting decisions are made solely on the basis of qualitative data, such as accounting data and revenue growth, removing any possibility of prejudice in the financial evaluation.

Levenue’s takeover of Cake

In order to improve the underwriting procedure, Levenue purchased Cake, a business known for its innovative open banking and data enrichment technologies. Levenue will be able to generate more precise risk profiles and provide financial choices more quickly by upgrading every line of a company’s banking data with the aim of creating a reality-based duplicate of its P&L.  

Promoting expansion across Europe

Presently, Levenue makes a profit in 12 European nations.

In the past 12 months, it has expanded its workforce by more than 200%, and in order to develop operations quickly while maximising the use of capital, it has also integrated machine learning and artificial intelligence into its underwriting services.

Furthermore, Truffle Capital managed Levenue’s fundraising round, offering Levenue access to its broad network and deep expertise in fintech. This will support its product development activities and help it expand its presence across the EU, including a Q1 2024 launch in France.

Benjamin Rieder, CEO & co-founder at Levenue commented: “We have established Levenue as a platform where entrepreneurs and investors can connect, fostering the growth of innovative subscription-based businesses. The acquisition of Cake was driven by our continuous commitment to enhancing our offerings and improving transparency for our users.”

Patrick lord, senior partner of the Truffle Capital Fintech practice, said: “We believe strongly in Levenue’s mission to make it as simple, transparent and fast as possible for founders to leverage their primary value driver, their subscription volumes, to accelerate the growth of their companies in the most agile and painless way possible.”

Davy Kestens, CEO of Cake, concluded: “Both Cake and Levenue’s mission has always been about bringing transparent data solutions to the world. Today, this mission has become much bigger than either of us had ever imagined when we initially started this journey. Challenging the way companies get financed, analysed, and valued is a goal both of our teams are excited to rethink and rebuild.”