PYMNTS-MonitorEdge-May-2024

Startup Rauva Developing ‘Super App’ for Europe’s Mediterranean Region

rauva, super app, europe, mediterranean, founders, sam mizrahi, jon fath

Two entrepreneurs are working together to launch the financial “super app” Rauva for Europe’s Mediterranean region and provide an integrated solution that’s compatible across countries.

Canadian entrepreneur Sam Mizrahi and FinTech executive Jon Fath are developing Rauva to give the banking and financial community an automated solution that meets banking and financial management needs, according to a press release on Wednesday (June 8).

The two plan to launch Rauva’s services next year, with initial launches in Portugal and Spain. Headquartered in Portugal, the startup is underway with a multi-million dollar funding package as it starts developing its new solution.

See also: How ‘Super FinTechs’ Enable Go Anywhere Banking Services

“We believe that business owners spend too much time focusing on their finances rather than on the job they are passionate about,” Fath, Rauva co-founder and CEO, said in the announcement. “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.”

In the European Union, 50% of freelancers and small- and medium-sized enterprises (SMEs) are concentrated in Europe’s Mediterranean region, according to the release. But banking apps that serve that population are “relatively sparse due to market specificities such as differing tax, legal and banking requirements in the different countries.”

Rauva is planning to service those 20 million potential customers and bring a market-specific solution that is beneficial to that entrepreneurial customer base, per the release.

“The world is evolving at a rapid pace, making it increasingly difficult for small enterprises to keep up with change and new global regulations,” Mizrahi, Rauva co-founder and chairman, said in the release. “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.

“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.”

PYMNTS-MonitorEdge-May-2024