Fueling up for the future
In the wake of a remarkable 500% growth in 2023, Lesslie, the fintech powerhouse automating accounting and administration, has successfully secured an 18 million SEK investment round led by Wellstreet Fintech Fund I. The infusion of capital will be instrumental in propelling Lesslie to new heights, allowing it to focus on enhancing and fortifying its services.
In the current economic climate, where every penny is scrutinised, Lesslie PAY (the company's flagship service) proves instrumental in helping companies save substantial amounts. By efficiently reducing exchange costs, bank charges, and simplifying accounting for foreign payments and currency exchanges, Lesslie delivers unparalleled value for its business customers.
With the recent injection of funds from Wellstreet, Lesslie is poised to strengthen and extend the vision beyond its current offering further, with plans to introduce new features and products. The 18M SEK investment round also includes participation from Quinary, David Craelius (Former Klarna CTO), and Erik Seifert (Former Chairman of Swish).
In the words of Armando Coppola, Partner & Fund Manager at Wellstreet,
As an investor, I am thrilled to support Lesslie, a disruptive force in the fintech realm. Their innovative approach to facilitating cost-effective and swift currency exchange for SMEs positions them as a true challenger in the industry. This investment aligns with my belief in driving positive change and efficiency in financial ecosystems, and I am confident in the company's potential to make a significant impact.
From the ground up - and running
Lesslie's journey is nothing short of extraordinary. Founded in 2020 by Gunnar Rytterling, Oscar Viken, and soon after joined by Filip Haglund and Peder Albert, the company has experienced exponential growth, expanding its team, obtaining a Payment Institute licence, and witnessing a surge in customer onboarding, processing billions in payment volumes.
Lesslie is charting a course to revolutionise the fintech landscape, making a lasting impact on import and export trading SMEs. We talked with the CEO Gunnar about the company’s journey so far and the next steps.
What's your background?
I worked at Nordea Markets for ten years, focusing on FX and cross-border payments, but I also have experience with interest rate derivatives and structured products. My roles were sales, marketing, business development and desk head in my last three years.
How was the idea for Lesslie born?
During my time at Nordea, I saw the constant knowledge gap in the markup on FX and the lack of accounting automation. Furthermore, I realised that when PSD2 came into effect in October 2019, you could actually build banking services without being a bank.
How was the transition into entrepreneurship?
It felt like a great moment to open Lesslie, but if I can point out one big challenge, it was starting a company in the same month as Covid exploded in Sweden! But there’s also the bright side: the best thing about being an entrepreneur is being able to work freely and for yourself, skipping internal politics and only focusing on customer value with a short lead time from idea to reality.
What can you tell us about the Lesslie team?
We are a Fintech, i.e., 50% are “Fin´s” people with financial and business backgrounds, and the other 50% are “Tech´s” who come from a pure technology background. On the founder side, you could say that I am the “Banker”, Oscar is the “Payment guy”, Filip is the “Tech guru” and Peder is the “Accounting master” — all the background you need to build a state-of-the-art NEO banking platform for importing and exporting companies.
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How does Lesslie PAY enhance the overall value proposition for businesses seeking financial solutions?
The platform offers lowered costs on foreign exchange, no transaction fees, automated administration and faster payments – all at no cost, with a streamlined 1-day onboarding process. Case studies such as Wettersol AB and GE Effektivt showcase Lesslie's tangible impact on its clientele.
In terms of user experience, how does the platform aim to simplify the often complex processes of international transactions and currency exchange?
We are aiming for a “Swish” experience, i.e. login and sign one time with your BankID, and we will take care of all related procedures such as conducting the FX conversion, moving money between accounts, paying the beneficiary, writing vouchers, updating currency differentiation in the accounting and uploading necessary bank statements and other documents.
Lesslie fits Wellstreet’s fintech vehicle thesis, but you mentioned that you also look forward to Wellstreet’s further contributions. What made you choose Wellstreet?
Wellstreet fits our current corporate journey; we want to step up a notch in professionalism while keeping pace and understanding what it takes to scale an early-stage venture.
What are the strategic plans for Lesslie's future development with the recent financing injection?
We will Focus on Lesslie PAY, i.e. our FX and payments offering, and really penetrate the Swedish market in order to become The player in this niche. When that is done, we will launch upsales products, deposits and credits to offer a broader service. In the following phase, when we see that this part of the product is flying, we will start to look abroad. We are considering looking at neighbours as the first new markets.
How do you envision the platform evolving in the next few years to meet the changing needs of businesses?
We are aiming to become the Neobank for import and export trading SME´s. We will have the financial products as a base and we will add more administrative services, for example automated document handling for the customs authority. All in alla reinventing the financial platform for international SME´s in terms of banking, business systems and the tax authority - and by that conquer the world :)
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