Deal shared by Vane Frontier Alpha · Seed

Ledgerline

Shared by Adrian Vane (verified lead) on Sep 4, 2026

Embedded treasury API for European SMEs: one place to pool idle cash, earn yield and forecast liquidity.

Live deal Seed Embedded finance Awaiting your decision

Commitments close in

19d : 06h : 42m

Deadline Sep 30, 2026 · 23:59 CET

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Syndicate allocation

€1.2M

30% of a €4M seed round

Committed

64%

€768,000 · €432,000 left

LPs committed

128

Average ticket €6,000

Min. per LP

€2,500

Platform fee shown when you commit

Lead memo

Adrian Vane verified

Lead, Vane Frontier Alpha · co-investing €60,000 (5%)

Why I'm backing Ledgerline

European SMEs keep their cash spread across three to five bank accounts, earning nothing, with no view of next month's liquidity. Banks don't solve it because it cannibalizes their deposit margin. Ledgerline plugs into those accounts, pools idle cash into money-market funds and gives finance teams a 13-week forecast.

What convinced me is distribution: 60% of new customers come through three accounting-software integrations, so acquisition cost stays low as they scale. The team reached €1.4M ARR on €1.1M raised to date.

What I like

  • Clear pain point no bank addresses
  • Low-cost distribution via integrations
  • Capital-efficient founding team

Key risks

  • Depends on an EMI partner until licensed
  • Neobanks may bundle similar features
  • Yield revenue falls if rates drop
Read the full memo (PDF · 14 pages)

Company overview

ARR

€1.4M

Growth

+210% YoY

SME customers

320

Net retention

128%

Founded
2023
Headquarters
Paris, France
Team
18 people
Gross margin
78%
Raised to date
€1.1M
Markets
France, Benelux

Clara Moreau · CEO

Former head of product at a European neobank

Jonas Weber · CTO

Built payment infrastructure at a card issuer

Round terms

TermValue
RoundSeed · €4,000,000
Pre-money valuation€14,000,000
Post-money valuation€18,000,000
InstrumentSeed preferred shares
Round leadFjord Capital · €2,000,000
Liquidation preference1x, non-participating
Pro-rata rightsYes, held by the SPV
GovernanceBoard observer seat (Adrian Vane)

Syndicate allocation & use of funds

€4M seed round

  • Fjord Capital (round lead)€2,000,000
  • Vane Frontier Alpha SPV€1,200,000
  • Other business angels€800,000

Use of funds

  • Product & engineering45%
  • Expansion to Germany & Benelux30%
  • EMI license & compliance15%
  • Working capital10%

Deal room

  • Lead memoPDF · 14 pages · Sep 4, 2026
  • Pitch deckPDF · 22 pages
  • Term sheetPDF · 4 pages · signed
  • Financial modelXLSX · 2026–2029 plan
  • SPV subscription agreementPDF · 18 pages
  • Key risks summaryPDF · 2 pages

Q&A with the lead

12 questions · 9 answered

Live Q&A with Clara Moreau and Adrian Vane

Sep 16, 2026 · 18:00 CET · 45 minutes · members only

Add to calendar

Marie L. · LP · Sep 6, 2026

Who holds client funds while Ledgerline waits for its own license?

Adrian Vane: A licensed EMI partner safeguards all client money in segregated accounts. Ledgerline never holds funds on its own balance sheet; 15% of this round funds its own license application.

Omar H. · LP · Sep 7, 2026

What happens if the allocation is oversubscribed?

Adrian Vane: The SPV is capped at €1.2M. Commitments are served in order; once full, new commitments go on a waitlist and are refunded automatically if no space frees up.

Julia R. · LP · Sep 9, 2026

Will LPs of this SPV get access to the Series A?

Adrian Vane: Yes. The SPV holds pro-rata rights, and I will offer the follow-on to this SPV's LPs first, before opening it to the wider syndicate.

Average response time: under 24 hours.

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