Industry standard for aggregating business financial data.
Summary description
Intelligent software accumulating core SME ledger data to create cash flow/P&L and balance sheet charter of accounts in a standardised format
Effectively “OEM” supplier to accountants, banks and other financial service intermediaries to enable them to
reinforce their customer relationships
make credit underwriting decisions easier and faster
UK based, but with revenue from clients in Canada, Ireland and prospectively US and Continental Europe
Opportunity investment thesis
Financial services providers (accountants, banks, etc.) increasingly need to trade off desire to serve SMEs with the actual and opportunity cost
Provision of appropriately constructed data in standard form helps provide cost effective service to intermediaries (e.g. credit underwriting; audit services; etc.) while providing SMEs with automated tools enabling them to control amount of data release and scope (‘walled garden’ for designated providers)
Increasing recognition that intelligent software can substantially reduce the cost of intermediation