A new SaaS platform provides a way for small and medium-sized businesses to manage their finances, all in one place
Spotted: Startup Airbank is an SaaS platform that aims to help small and medium-sized organisations to manage their cash flow and financial data. The cash management platform connects to all of the accounts that businesses use and acts as an all-in-one system – giving management access to all of their financial information in one place, and on one dashboard.
The genius of Airbank is that it not only gives businesses a view of their cash flow and financial data, but it can also let users find financial data on counterparties across thousands of transactions and initiate payments. Users can say goodbye to their complicated financial spreadsheets and patchwork of disjointed financial management systems. Rather than waste time connecting to and importing files from PayPal, Shopify or bank accounts, Airbank consolidates this information in one place.
The platform can also be used to categorise transactions, track spending by supplier, moniter recurring payments and conduct cash flow forecasting and automatic reconciliation with accounting tools like Xero and QuickBooks data. Airbank can also act as the payment portal for the finance team. The usefulness of this product has certainly not gone unnoticed. Recently, Airbank has secured $3 million (€2.5 million) in a seed funding round led by Pia d’Iribarne and Jean de la Rochebrochard at New Wave, with participation from Speedinvest, Tiny VC and a number of angel investors.
Co-founder and CEO Christopher Zemina explained in a press release that, “Open banking has enabled smooth integrations with banks, which we can utilise to offer richer banking and payments experiences for our users. Our vision is to build an all-in-one finance hub that connects all your financial accounts in one place. Our integrations will bring bill payments, expense management, and FX all in a single product that is easy to use.”
The market in vertical SaaS products has been growing rapidly, as fintech startups realise there is a lot of room to grow in the specialised SaaS market. This is certainly borne out by the number of innovations we have seen recently in this space. These include a smart contract negotiation platform and a platform to help companies manage post-Brexit compliance.
Written By: Lisa Magloff