Incard secures £10m Series A to centralise merchant finance via connected accounts
This article covers Incard, a fintech startup, which has raised £10m in a series A funding round to scale its financial platform for high-growth digital businesses. The funding aims to support expansion into new markets and investment in automation, app integrations and product teams to help e-commerce brands, agencies and other merchants manage ad spend, FX and multi-entity finance flows.
Incard, a fintech startup, has raised £10m in a series A funding round to scale its financial platform for high-growth digital businesses; the cash will be used to expand geographically and beef up automation, app integrations and product teams—an outcome that matters for e-commerce brands, agencies and other businesses juggling ad spend, FX and multi-entity finance flows.
Why it matters
Digital-first businesses increasingly run complex financial workflows across banking, payments, ad platforms and accounting tools. That fragmentation creates friction for founders who need real-time visibility of cash flow and automated controls over spend.
Incard’s traction—more than £500m transacted on the platform since launch in 2024—suggests demand for a single orchestration layer that connects corporate cards, banking, invoicing and treasury tools. For merchants with large ad budgets, foreign exchange exposure or multiple legal entities, tighter financial control can reduce risk and free time for growth activities.
Inside the product
Incard positions itself as a financial operating system that sits above banks and payments providers. Core features include access to business banking and connected accounts in one interface, corporate cards with built-in rewards, invoicing and spend management, and tools for treasury and working capital.
The company also offers an App Store model for industry-specific add-ons and plans further investment in automation and AI-driven workflows. Incard says users receive cashback on key expenses and can extend functionality to match their growth stage.
Customer examples named by the company include Azio Beauty, Aloe Paris and Ankhway—e-commerce brands that illustrate the platform’s focus on direct-to-consumer merchants managing marketing spend, cross-border sales and multiple entities. Growth to date has been driven mainly by word-of-mouth referrals.
Who are the investors?
The round was led by Smartfin, with participation from Founders Capital, MountFund and a group of angel investors.
Thomas Depuydt, General Partner at Smartfin, commented on the company’s proposition.
In the announcement, Thomas Depuydt, General Partner at Smartfin, said:
Incard is building infrastructure that reflects how digital companies actually grow and operate today, where speed, automation and real-time visibility are critical to growth.
Investors cited the need for infrastructure that aligns financial tooling with the operational tempo of modern digital businesses. The backing from both venture firms and angels signals confidence in product-led fintech companies that address merchant finance, FX and multi-entity complexity.
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Founder perspective
The company was founded by Theo Cesarini, Soraya Tribouillois, Liam Seskis and Matteo Martino, who describe themselves as serial entrepreneurs who experienced the fragmentation of the banking stack firsthand and built Incard to reduce reliance on spreadsheets and disconnected apps.
In the announcement, Theo Cesarini, CEO at Incard, said:
We’re excited to announce this funding round and what it means for the next phase of Incard. We have built a control layer for the financial stack of high-growth digital companies, and we’re now focused on bringing this system to more businesses so they can manage, automate and optimise their finances.
In the announcement, Theo Cesarini, CEO at Incard, said:
As entrepreneurs we noticed there was a clear mismatch between how digital businesses actually operate and the financial tools that were available to them. Every industry has unique financial workflows and they need a system that understands how they operate – one that centralises finance, provides spend insights, tracks real-time cash flow, and includes industry-specific add-ons. They need to have visibility of all of that, in a single place.
The team says the Series A will fund geographic expansion—with plans to push further into Europe and the US—and hiring across engineering, compliance and product development.
The bigger picture
The raise sits within a broader trend of fintech startups building orchestration layers rather than competing directly with banks. These platforms aim to stitch together payments, cards, accounting and treasury features into industry-specific workflows. The deal reflects continued interest from fintech investors in tooling that helps merchants manage ad spend, cross-border settlement and multi-entity operations.
For the UK and European ecosystem, Incard’s expansion plans and product roadmap underline ongoing momentum in fintech entrepreneurship focused on verticalised finance tooling. As more merchants seek automation and real-time financial insight, expect further investment into platforms that reduce operational complexity for digital businesses.
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