Business Banking is broken
In countless conversations with CFOs there was a common thread: Business banking is broken. So let’s recap what makes it so frustrating: For one, most online banking platforms have been designed about 20 years ago. Most of them never received a makeover. Today’s banking platforms offer inflexible user permissions and access controls, and no universal transaction search. Banks don’t integrate with the modern finance stack; instead, they push products that serve their own best interests. While banks sit on a wealth of information, that data remains completely under-utilized. And on top of all that, banks charge negative deposit rates of -0.5% on corporate bank accounts all across the Eurozone. CFOs spend too much time worrying about finance ops instead of focusing on strategic finance topics.
In fact, the NPS of the average commercial bank in Germany is -20 while B2B neo-banks reach NPS as high as 60. Switching to a neo-bank, however, is mostly not an option. Switching costs in commercial banking are extremely high, so businesses have been trapped with banks for a long time. Until now.
At Airbank, we do not accept the status quo that CFOs and founders have had to endure. Instead, we have been heads-down building a delightful business banking experience. Today, we are happy to announce that we offer an alternative: aggregating all your existing business bank accounts into one place. In short, we help you fix banking without needing to switch banks.
Airbank brings all your business bank accounts into one portal, giving entrepreneurs and their team members true visibility into their cash position. Imagine knowing at the push of a button what your cash position is and how much runway you still have! Imagine searching all your bank accounts for that one transaction. Instantly.
Secondly, we seamlessly manage all payments with intuitive approval flows, automations and smart reminders. You think that a CFO shouldn’t log into their e-banking account to send a payment ever again? We neither.
And lastly, Airbank categorizes and reconciles all transactions automatically with your accounting systems — through integrations with payment providers such as Stripe, PayPal, and Shopify, as well as accounting solutions such as DATEV, QuickBooks, and Xero.
Better Business Banking
And we’re not stopping there. Because better business banking does not just help founders and CFOs manage their finances, but it helps to improve them. Over time, we will offer integrated financial services on our platform. With just a few clicks, you will be able to access high-end banking and cash management solutions. We decrypt the nitty-gritty pieces of managing finances — so you can connect with the best banking providers that are available for the modern finance team.
Better business banking is what we are building at Airbank — and we can’t wait to ship these products to our users soon.
Our first users love Airbank already and we cannot wait to introduce you to finance on autopilot too. If you’re a founder or finance lead with bold ambitions, sign up for the waiting list here.