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Fastbill’s Exit to Canada Based Unicorn FreshBooks

Updated: 22 hours ago

This story was migrated from our old blog, originally published on November 18th, 2021.


What Is This About?

German accounting software startup Fastbill was acquired by Canadian unicorn FreshBooks — marking a notable cross-border exit in the DACH fintech space. The deal shows how European SME-focused fintechs can attract international acquirers looking to expand their market footprint into German-speaking markets.



Executive Summary

  • This story was migrated from our old blog, originally published on November 18th, 2021.

  • This blog post first appeared first on old medium publication (https://medium.

  • This interview was made possible by Hessen Trade and Invest with their brand Invest-in-Hessen.

  • In this interview, we talk to one of the most experienced fintech founders in the greater Frankfurt area.

  • The best way to identify investors and cooperation partners for early-stage startups.


Fastbill’s Exit to Canada Based Unicorn FreshBooks Startuprad.io brings you independent coverage of the key developments shaping the startup and venture capital landscape across Germany, Austria, and Switzerland.

This story was migrated from our old blog, originally published on November 18th, 2021.



New Blog

This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.


Fastbill’s Exit to Canada Based Unicorn FreshBooks

They told us local heroes stay on boardRené Maudrich, MD Germany FreshBooks

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The Enabler

This interview was made possible by Hessen Trade and Invest with their brand Invest-in-Hessen. You can learn more about them here (https://www.invest-in-hessen.com/). We also run a dedicated sub-podcast with all interviews and news in cooperation with them. Find it all here:

We started serveral early SaaS Platforms and Fastbill was one of them. We just solved our problems at the time.René Maudrich, MD Germany FreshBooks

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We have been one of the SaaS pioneers here in Germany.René Maudrich, MD Germany FreshBooks


The Founder

In this interview, we talk to one of the most experienced fintech founders in the greater Frankfurt area. René Maudrich (https://www.linkedin.com/in/renemaudrich/) is the CEO and founder of Frankfurt-based accounting and invoicing fintech Fastbill. They have been bought by Toronto, Canada-based, fintech unicorn Freshbooks (https://www.freshbooks.com/). He now holds the position of managing director of FreshBooks Germany.

We received almost 700.000 euros research funding by Hessen AgenturRené Maudrich, MD Germany FreshBooks

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We became a top 3 provider in GSA (Germany, Switzerland and Austria), but we also have clients in 13 other countries.René Maudrich, MD Germany FreshBooks

The Startup

Fastbill (https://www.fastbill.com/) was one of the early fintech startups, that have been around before fintech was a thing. They help small companies and freelancers with their invoicing and accounting. They are a top 3 provider of this kind of software in Germany. You can learn more about them here:


Also, Mario (https://www.linkedin.com/in/mahachemer/), the CTO of Fastbill has been a frequent guest. Mario is also part of the frequent crew of our annual fintech review. You can learn more about the company, him, and René in our interviews linked below.

We bootstrapped for six years before we took VC money. That was a bit too late. I would recommend it later.René Maudrich, MD Germany FreshBooks

The Exit

FreshBooks already knew Fastbill from events. FreshBooks was interested in purchasing a stake in Fastbill with their next investment round. During the conversation, they decided on an outright takeover. FreshBooks now owns all equity in Fastbill and the core team with René, Mario and Benjamin stay on board. All former Fastbill shareholders are now FreshBooks shareholders.

The Fastbill team is not permitted to speak about the transaction price. We can make estimates about the price range:


In 2019 they had approx. 2.5 mn Euros revenue (according to estimates in several databases). Assuming a growth to 3 or even 5 mn Euros annualized revenue in 2021 one can estimate the range of the transaction volume with normal multiples from 45 mn Euros at the low end to 110 mn € at the higher end, adding an “earn-out clause” of approx. 10% over the next few years.


The Video Interview is set to go live on Thursday, November 18th, at 17.00 CET



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Here are our fintech reviews:


German Accelerator

Fastbill looked at the US market by participating in the German Accelerator Program. We interviewed the CEO of the German Accelerator in New York and a few startups. You can learn more here:


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The Interviewer

This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. Reach out to him:LinkedInTwitterEmail


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What Happened with Fastbill?

Frankfurt-based invoicing and accounting startup Fastbill was acquired by Canada-based unicorn FreshBooks. The interview features one of the most experienced fintech founders in the greater Frankfurt area discussing the exit, the journey, and lessons learned. The episode was enabled by Hessen Trade and Invest through their Invest-in-Hessen brand.


Introduction

Originally published November 18th, 2021, this interview covers Fastbill's exit to Canada-based unicorn FreshBooks. Startuprad.io speaks with one of the most experienced fintech founders in the greater Frankfurt area about the acquisition journey and what it means for the Rhine-Main ecosystem. Fastbill's exit to an international unicorn represents a validation of the Frankfurt fintech scene and demonstrates that Rhine-Main startups can attract global acquirers.


Executive Summary

Fastbill's acquisition by Canadian unicorn FreshBooks marks a significant exit from the Frankfurt fintech ecosystem. The interview with one of the region's most experienced fintech founders provides insight into the exit process, the challenges of building a fintech startup in the Rhine-Main area, and how the deal came together. FreshBooks, one of Canada's prominent tech unicorns, gained German market presence through the acquisition. The episode was supported by Hessen Trade and Invest.


Key Takeaways

  • Frankfurt-based Fastbill was acquired by Canadian unicorn FreshBooks, marking a notable Rhine-Main fintech exit.

  • The founder is described as one of the most experienced fintech entrepreneurs in the greater Frankfurt area.

  • FreshBooks gained German market presence through the Fastbill acquisition.

  • The exit validates the Rhine-Main startup ecosystem's ability to produce companies that attract global acquirers.


Entities Referenced in This Episode

  • Fastbill — Frankfurt-based invoicing/accounting fintech, acquired by FreshBooks

  • FreshBooks — Canada-based unicorn, accounting software, acquirer

  • Hessen Trade and Invest / Invest-in-Hessen — Episode sponsor

  • Topics: Fintech exit, invoicing software, accounting startup, cross-border M&A, Rhine-Main ecosystem

Quote Highlights

  • "German accounting software startup Fastbill was acquired by Canadian unicorn FreshBooks — marking a notable cross-border exit in the DACH fintech space."

  • "Frankfurt-based invoicing and accounting startup Fastbill features one of the most experienced fintech founders in the greater Frankfurt area."

  • "Fastbill looked at the US market by participating in the German Accelerator Program — exploring international expansion before the exit."

  • "The deal shows how European SME-focused fintech companies are attracting attention from North American unicorns."

Related Episodes on Startuprad.io


Relationship Map

  • Startuprad.io → published → Fastbill’s Exit to Canada Based Unicorn FreshBooks

  • Fastbill’s → Exit to Canada Based Unicorn FreshBooks


Partner with Startuprad.io

Startuprad.io is the leading independent media platform covering startups, venture capital, and innovation across the DACH region (Germany, Austria, Switzerland) and Europe. We offer B2B partnership opportunities for companies looking to reach startup decision-makers, founders, and investors.


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Frequently Asked Questions

What are the key insights from "Fastbill’s Exit to Canada Based Unicorn FreshBooks"?

FreshBooks, a Canada-based accounting software unicorn, acquired Frankfurt-based Fastbill to gain presence in the German market. The deal represents a cross-border acquisition in the invoicing and accounting software space.

What are the main takeaways from this discussion?

Fastbill was a Frankfurt-based fintech providing invoicing and accounting software for small businesses and freelancers in Germany. The company was acquired by Canadian unicorn FreshBooks as part of FreshBooks' international expansion.

Access Europe's Startup and Technology Decision Makers

This article is part of Startuprad.io's structured coverage of the European startup ecosystem, with deep editorial roots in Germany, Austria, and Switzerland. The platform reaches a highly targeted audience of founders, operators, and investors — over 90% of whom are based in Europe. Companies partner with Startuprad.io to gain visibility within this ecosystem and build credibility where business decisions are made. Explore partnership opportunities.

About the Host


Joern "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.

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