Specialist VC led the investment round to technology company Bilance

Ellex in Estonia advised venture capital fund Specialist VC on the investment to Estonian start-up company Bilance Technology OÜ.

Estonian financial startup Bilance raised 300,000 euros to continue its international growth and expand its technical team. The funding round was led by Specialist VC, with participation from Grünfin co-founder and former Wise key employee Alvar Lumberg, and existing investor Thorgate Ventures.

Launched in early 2022, Bilance is an artificial intelligence-based mobile application that helps users automatically track their spending habits and take steps to improve them. The app is compatible with over 1,000 banks across Europe, including major banks in Estonia.

2023 was an exceptional year for Bilance – their revenue grew sevenfold, and they expanded into the Latvian, Lithuanian, and Finnish markets. Their success confirms that Bilance has become the leading financial application in the Baltics, helping over 17,000 people better manage their finances.

Ellex team in Estonia who advised Specialist VC included Partner Antti Perli, Counsel Rutt Värk, Senior Associate Merlin Liis-Toomela and Lawyer Hegle Pärna.