A former senior executive at Stripe has raised $3 million in pre-seed funding to develop an AI-powered business account tailored for European startups.
Seapoint is founded by Sean Mullaney, the former European CIO at Stripe, who has also served as CTO at AI unicorn Algolia and advised both the ECB and the Bank of England. He believes that European companies with 10 to 250 employees are underserved by current financial institutions. These companies find themselves too large for neobanks, which cater primarily to consumers and small businesses, yet not large enough for traditional corporate banking, leaving them without a clear financial solution.
Research from Seapoint highlights that mid-market firms typically rely on a fragmented, manual, and expensive financial infrastructure. Depending on their growth stage, startups often juggle four to six different financial products, transferring money between them and hiring costly accountants to manage the complexities.
Launched in private beta, Seapoint’s business account is already being utilized by numerous VC-backed startups for payroll, expenses, invoice payments, reporting, and more. The company partners with Dutch firm Modulr Finance to provide e-money accounts, rather than operating as a bank.
Mullaney has assembled a team comprising former colleagues from Stripe’s European payments operations along with executives from Tide. Investors in the venture include Frontline Ventures, Tapestry VC, and former COOs from Stripe, Revolut, Tide, and Tines.
Mullaney remarks, “AI can transform finances for scaling companies. Within minutes, Seapoint connects to a company’s bank accounts, accounting software, and email, providing a real-time view of their business and automating bookkeeping, invoicing, and payroll management. Seapoint offers a broader and more powerful solution than traditional banking, empowering founders to take control of their finances.”