Xencio manages to secure funding from government-run FFG to advance its mission of empowering small businesses with an automated accounting solution. The Austrian Research promotion agency (“FFG”) aims at promoting structural change in Austria by supporting promising projects. The government-run institution agrees to provide Xencio with approximately 450.000 Euros for their 640.000 Euro project, to support their research and innovation. This new funding will contribute to the evolution of their product to encompass the whole bookkeeping workflow including tax accounting.
Further, the Start-Ups’ goal is to support small businesses to make smarter more responsive business decisions by offering real-time information about their performance. Xencio’s analytical tools save small businesses time and resources on manual accounting tasks enabling them to focus on their product, clients and vision instead.
Since being established in Vienna in January 2019, Xencio has already helped 30 companies in the Austrian market. Austria, with its central location in Europe, will act as a gateway to the rest of Europe for Xencio’s future expansion plans.