When Patrick and I joined Entrepreneur First’s BE6 cohort last year, we quickly encountered a problem: Finance teams of startups and SMBs are buried in spreadsheets, legacy banking portals, and disjointed software solutions. Financial statements are pulled together manually and often delivered late after closing the books by an accountant. Finance professionals lack insights into their finances as they happen to make sound business decisions when they are most needed.
In practice, this leads to startups creating business plans only ahead of new funding rounds to fulfil investor demands but not updating those forecasts with actuals on a regular basis. Small business owners often rely purely on their gut feeling when making critical business decisions.
Our Product: Real-time cash flow management and forecasting
Our initial product is a cash flow management solution for startups and SMBs that provides real-time insights into a business’s cash flow. Airbank integrates directly with the user’s bank account to categorize all transactions and let magic do the rest. Users can analyze their historical cash flow and build reliable forecasts with ease.
It’s a modern and seamless software solution: we remove the need to manually update the numbers and drastically reduce customers’ admin workloads. When the user creates a forecast, those projections are automatically checked against total income and expenses that flow in and out of their bank account — and deviations are highlighted automatically.
The value proposition is clear: Airbank simplifies manual workflows such as cash reporting, analysis, and forecasting, allowing companies to see how much cash they have in real-time while building and maintaining forecasts. It allows business owners and managers to spend less time and resources on managing their finances and more time on growing their businesses.
Better cash flow management leads to better decision making. We help businesses track every cent they spend, eliminate wasteful expenses, and build reliable forecasts. Airbank gives users a daily view of their income and expenses with real-time reconciliation. This is significantly better compared to receiving statements from your accountant days after the month-end close. In short, we make it 10x easier to manage business finances.
Our vision: All-in-one finance
Our vision for Airbank isn’t just to monitor your cash flow — it’s to improve it. We purposely decided to build connectivity to any bank account because we consider it to be the central piece in the puzzle of finance operations.
Truth is, while various Fintech companies provide expense cards for long-tail spending, most subscriptions, salaries, rental and tax payments run through a company’s bank account. SEPA payments remain the most popular payment channel in Europe because, in addition to being simple, they are free to use.
Banks just haven’t done a great job in building fit-for-purpose business finance applications for their customers. That’s why we are building the first multi-banking solution for small and growing businesses, running on Open Banking. Improving cash flows also means that we’ll go beyond AIS (bank) access and launch our PIS (payment) capabilities, which brings us closer to offer a a full-stack business finance platform for SMBs.
Airbank will be fully integrated with invoicing software, accounts receivables and payables solutions, factoring providers, and more. We’ll launch complementary financial and software products on top of our platform and become the leading all-in-one finance platform for growing businesses.
Our Seed Round
To make this vision come true, we raised our seed round with some of Europe’s top early-stage investors. We are thrilled to announce that New Wave led our seed round, joined by Speedinvest, TinyVC, AnotherVC, Calm/Storm Ventures and iconic business angels from Germany, France and the UK.
Since our waitlist opened a few weeks ago, founders and finance professionals from several hundred businesses signed up and we made an effort to talk to many of them. With the typical business in mind, we built Airbank to allow users to connect their bank accounts in minutes.
Airbank gives you more visibility and control over your finances — and we’re working hard to launch our payment product soon. While in private beta, we invite founders and finance professionals to sign up for free.