Mistho closes seed round

The startup has raised three million euros and plans to put the money into product development, as well as expand in Europe.

Berlin-based payroll fintech Mistho has raised three million euros in a seed funding round. Investor Lightbird leads the round. Among the other backers are Flash Ventures, Global Founders Capital, FinVC, Nauta Capital, and well-known business angels such as Kai Hansen, Stefan Tietze and Ante Spittler.

The company plans to use the money primarily for further product development. It also wants to venture into several European markets. The start is to be made in the markets in the United Kingdom and Germany.

Maximilian Czymoch and Shervin Panahi had founded Mistho in 2021. It offers an application programming interface (API for short) designed to allow consumers to easily access their salary and employment information. It also aims to let them share it with third parties - such as banks, insurance companies and lenders - with one click.

"The liberating blow that Open Banking represents for the banking market is something we now want to realize with Mistho for HR and payroll," says CEO Maximilian Czymoch. His company is necessary for one reason in particular, he says: "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 at the past as in the past."