Mistho closes seed round

The start-up has raised three million euros and wants to invest the money in product development and expand in Europe.

The Berlin-based payroll fintech Mistho has raised three million euros in a seed financing round. The investor Lightbird is leading the round. Other backers include Flash Ventures, Global Founders Capital, FinVC, Nauta Capital and well-known business angels such as Kai Hansen, Stefan Tietze and Ante Spittler.

The company intends to use the money primarily for further product development. It also wants to venture into several European markets. The markets in the United Kingdom and Germany are to be the first.

Maximilian Czymoch and Shervin Panahi founded Mistho in 2021. It offers an application programming interface (API for short) that enables consumers to easily access their salary and employment information. They will also be able to share this information with third parties - such as banks, insurance companies and lenders - at the click of a button.

"With Mistho, we now want to realize the liberating blow that open banking represents for the banking market in the areas of HR and payroll," says CEO Maximilian Czymoch. There is one main reason why his company is necessary: "We are convinced that in the future, decisions about individual creditworthiness will in the vast majority of cases be made on the basis of current first-hand financial data and not by looking into the past as was previously the case."