Stockholm, 2024-02-09 – Lesslie Technologies AB announced today that they have secured SEK 18 million (€1.6M) in an oversubscribed new issuance led by Wellstreet to accelerate their growth and continue creating banking services that save costs and time by automating accounting and administration for Swedish entrepreneurs. Founded in 2020, Lesslie has grown by over 500% in the past year, gaining hundreds of new business customers; now, the company is gearing up for further expansion. The round also includes investment company Quinary, David Craelius (Former Klarna CTO), and Erik Seifert (Former Chairman of Swish).
Lesslie's current service, Lesslie PAY, has quickly become crucial for many Swedish businesses; the company now has a contracted customer base with a payment volume of over SEK 5.0 billion. In the current economic climate, entrepreneurs carefully consider every krona. Lesslie PAY is optimally positioned to help businesses save significant amounts by reducing exchange costs, bank fees, and simplifying accounting for international payments and currency exchange. With recently secured funding from Wellstreet, the company will focus on further strengthening and enhancing Lesslie PAY.
I am very pleased to have the opportunity to support Lesslie in this phase. Their innovative approach to cost-effective and rapid currency exchange for small and medium-sized enterprises positions them as a real challenger in the industry. This investment aligns with my belief in driving positive change and efficiency in the financial ecosystem, and I am confident in the company's potential to make a significant impact," says Armando Coppola, Partner & Fund Manager, Wellstreet.
Lesslie assists businesses with international suppliers and customers, saving them time and money. In 2023, the service saved over SEK 10 million for its customers. Lesslie PAY offers transparent and lower currency markups, no transaction fees, and automates accounting and related documentation – all free of charge. The service is integrated with several ERP (business systems) such as Fortnox, Visma, and Microsoft Business Central, as well as with banks and, finally, the Swedish Tax Agency – data sources crucial for managing a company's finances. Startup and onboarding are handled digitally without complicated integration projects, allowing the customer to immediately start saving time and money.
Annually, payment volumes of over SEK 6,000 billion are imported and exported to Sweden. Lesslie's long-term strategy aims to become a Neobank for importers and exporters, expanding its product range by offering more financial products and administrative services.
We want to give our customers more value for their money. It can range from reducing bank fees and providing better exchange rates to lowering accounting costs. The new PSD2 regulations combined with open APIs to accounting systems and the Swedish Tax Agency enable us to offer customers better and cheaper banking products while automating administration and accounting," says Gunnar Rytterling, CEO of Lesslie Technologies AB.
Lesslie is currently in an exciting phase of its development. Impressive growth and successful funding provide a solid foundation for the company's ambitious goal to transition from a startup to a scaleup in 2024.
About Lesslie Technologies AB:
Lesslie Technologies AB is a prominent player in innovation and technology, focused on delivering solutions that facilitate and improve business operations. With Lesslie PAY and other groundbreaking products and services, the company aims to optimize business processes and reduce administrative burdens for Swedish entrepreneurs. Visit www.lesslie.se for further information.
For further information, please contact:
Gunnar Rytterling, VD Lesslie