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Investor Sam Mizrahi and FinTech Executive Jon Fath join forces to tap into Europe’s Mediterranean online banking gap
New super-app to deliver country-specific banking and financial management tools to Freelancers and SME’s - targeting over 20 million potential users
Rauva Founders
LISBON, Portugal , June 08, 2022 (GLOBE NEWSWIRE) -- Sam Mizrahi, the visionary Canadian-based entrepreneur and Jon Fath, a leading FinTech Executive, announced today that they are jointly launching Rauva.
Rauva, built by entrepreneurs for entrepreneurs, is currently developing a leading financial super-app for Europe’s Mediterranean region. The solution is specifically designed to provide a country-by-country compatible, automated and integrated experience for banking and financial management needs.
Rauva plans to tap into a 20 million strong SME and Freelancer market in early 2023 with first launches in Portugal and Spain. Headquartered in Portugal, the company recently received a multi-million dollar funding package and has started to kick off the development of its new solution. Rauva aims to expand globally over time.
“We believe that business owners spend too much time focusing on their finances rather than on the job they are passionate about,” explains Jon Fath, Rauva’s new CEO. “We want to take the stress out of their daily financial management in a way that has never been done before - by delivering a super-app that is tailored to their local needs. This powerful new solution will provide a practical, seamless and integrated banking app that offers day-to-day financial management solutions and easy access to credit.”
Making a regional difference
Europe’s Mediterranean region currently hosts 50% of the European Union’s SME’s and freelancers. Yet current banking apps in the Mediterranean remain relatively sparse due to market specificities such as differing tax, legal and banking requirements in the different countries. Rauva will target those 20 million potential customers, delivering a market-specific solution to the region and its dynamic and entrepreneurial customer base.
“The world is evolving at a rapid pace, making it increasingly difficult for small enterprises to keep up with change and new global regulations. On top, we see that banking and finance 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 all about,” says Sam Mizrahi, the newly founded company’s Chairman and Co-founder. “Our model is simple - deliver an end-to-end solution that is then individually tailored to the specific market needs of our customers, providing them with a relevant, reliable and practical tool to manage their finances without borders. We can make the lives of a potential 20 million users in the region easier, every day. And we do this by targeting five out of a total of twenty-seven European Union countries - that’s huge!”
Rauva will further differentiate from current competitors in the region by offering an easy to use and practical end-to-end added value banking service, from bookkeeping to cash flow management and prediction to budgeting. To achieve this the super-app will utilize the latest machine learning and AI technologies. The solution will be built with the support of local enterprises through advanced market research and insight gathering.
Rauva will be headquartered in Lisbon, Portugal to ensure customer proximity. It will establish its offices at the FinTech House, a leading digital hub, to enable the company to tap into a newly thriving technology community. “Portugal offers a lot of potential to tech start-ups which we believe are missed by many,” explains Fath. “There is a growing community of tech specialists, a strong and modern network, and a powerful infrastructure that we will build on.”
Cultural diversity as a success factor
Rauva is currently looking to hire talent from across the region and will build its staff base from that cultural diversity. “We are developing a leading super-app for the Mediterranean, so ensuring we have that powerful and relevant diversity in our teams will be the driving force of our success,” Fath concludes.
Contact details
For more information please reach out to
Frederique Depraetere - Head of Public Relations
frederique@rauva.com (+32 472/027525)
About Rauva
Rauva, built by entrepreneurs for entrepreneurs, is currently developing a leading super-app designed to provide a country-by-country compatible, automated, integrated view of banking and financial management needs specifically starting with Europe’s Mediterranean region and then expanding globally. The company aims to tap into a 20 million strong potential market in early 2023 with first launches planned in Portugal and Spain. Headquartered in Portugal, the company recently received a multi-million dollar funding package and has started to kick off development of the new solution. More information: Rauva.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32c61496-32ce-4c4a-bbee-fd2c46337a5e
