New super-app Rauva aims to fill Mediterranean online banking gap

Canadian entrepreneur Sam Mizrahi and former bunq COO Jon Fath have announced that they are jointly launching a new fintech company, Rauva.

Rauva founders Sam Mizrahi and Jon Fath

The start-up plans to build a new “super-app” to provide country-specific banking and financial management tools for small and medium-sized enterprises (SMEs) and freelancers in Europe’s Mediterranean region.

To be headquartered in Lisbon, and with initial launches planned in Portugal and Spain, Rauva expects to bring its solution to market in early 2023, with plans to later expand into Greece, Italy and France.

The company claims to have received a “multi-million-dollar investment” which it will use to develop its solution using AI and machine learning technologies and offer services such as bookkeeping, cash flow management and budgeting.

“We believe that business owners spend too much time focusing on their finances rather than on the job they are passionate about,” says Jon Fath, Rauva’s new CEO.

“We want to take the stress out of their daily financial management by delivering a super-app that is tailored to their local needs.”

He adds that the banking app will offer “day-to-day financial management solutions and easy access to credit”.