In the prosperous world of finance, technological advancements have been an outlet for many successful SaaS products, and this industry is gaining interest globally. However, B2B Fintech’s (Financial Technology) don’t always hit the headlines as their B2C counterparts do. But that doesn’t mean they’re any less compelling.
In this shortlist, I’ve outlined the hottest B2B FinTech startups that have recently received funding. Through the unique value offering their product provides, these businesses have exhibited exactly why they’ve attracted investment.
So let’s take a look at the top FinTech companies UK that I think truly deserve to be in the spotlight this year…
Chaser
Chaser takes the frustration out of finance for your credit control team. Whether you’re a small business or large, a common and often painful experience is having to track and follow up on invoices that haven’t been paid. By automating these processes, it allows your business to save time and boost cashflow.
Chaser integrates with your accounting system in order to pull details on your customers and sales invoices. Using the platform, you can create unlimited templates for chasing invoices including built-in personalisation and automated thank you emails, adding the human touch. You can schedule them for a time that suits you and if needs be, escalate the emails to come from a more senior employee for those more stubborn customers.
What’s more, Chaser displays the conversation history alongside each invoice, paired with the ability to add notes on the thread, meaning all your peer to peer communication is kept in one place. This functionality provides the whole team with valuable insight into each customer allowing you to easily decide who should and shouldn’t be granted credit.
Abaka
Of all the reasons we are kept up at night, financial security is among the most frequent. That’s why Abaka has developed an AI-driven (Artificial Intelligence) platform for financial institutions. It offers savings and retirement solutions that enable the financial services industry to engage with its clients through automation.
Their omnichannel platform challenges traditional banking and uses analytics-based, conversational AI to provide a personalised, judgment-free and safe space for clients to share their financial information. Through open banking and their financial engine API solution, Abaka can analyse your clients’ financial information and provide recommendations on investments, mortgages and retirement planning.
Float
With 1 in 4 SMEs predicting their business will fold in the next 5 years, it’s no surprise that SaaS providers are jumping at the chance to straighten out present-day cash flow issues.
Float offers cash flow forecasting for businesses, accountants and bookkeepers and holds the potential to be a valuable asset in the future of business banking. Its business solution provides a real-time view of your numbers, meaning you can make decisions about the future of your business with confidence.
For accountants and bookkeepers, it enables you to give proactive advice to your client based on their cash position and forge better client relations. Manual forecasting and risk assessment will be a thing of the past as Float eliminates hours of data collection, and allows you to offer a more affordable (and profitable) service.
It integrates seamlessly with leading accounting platforms Xero, QuickBooks and FreeAgent, and gives an accurate account of your past, current and future cash flow, allowing you to make more informed decisions. With Float, you can stop the surprise scenarios, and start planning for the what-ifs.
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ChAI
The price volatility of commodities can have unforeseen impacts on a businesses’ bottom line. ChAI aims to bring more transparency to commodity price changes to help balance cash flows and suppress any shocks to profits and losses.
It is aimed firstly at businesses operating within manufacturing and the supply chain to give insight on raw material price fluctuations. This enables purchasing managers and financial officers to control price risk. Secondly, it provides commodity traders signals with sources of alpha (excess return), enabling investment in stocks with more confidence, and higher returns.
ChAI uses AI to analyse established data (financial statements, filings, records etc.) and alternative data (granular, unstructured ‘big data’) to predict commodity prices and identify good trading opportunities.
Symmetrical
You’re not alone if you’ve ever felt the squeeze as you long for payday to arrive. Because of this, Symmetrical is advocating fair finance for employees using their salary payments service.
Through their mobile app, employees can see and access their salary in real-time, and transfer it to their bank account whenever they want. Employees can also get advances on their salary through loans that are then deducted from their paycheque. When repaying loans, you can consolidate them to reduce your monthly repayment cost.
Symmetrical boasts a business banking app that benefits employees, employers and society as a whole, by offering financial stability, boosting workforce motivation and improving the cash flow of businesses.
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Cybertonica
The rise of the digital era means that an ever-increasing number of our daily activities are now completed online. But as the sophistication of technology improves, so does the risk of cyber-attacks — and with the introduction of GDPR, data security has never been more prevalent an issue.
London based startup Cybertonica looks to negate this risk in the e-commerce and online banking world, through their three products which use AI and ML (Machine Learning) to safely maximise payments and increase profits.
Anomalytics is a scalable omnichannel platform that allows you to expand your online payments portfolio while minimising fraud and friction. It processes up to 1000 transactions per second, offering real-time detection of anomalies and threat of fraud.
ScreenWize is for mobile banking and app-based commerce. Using GDPR-compliant data sampling, it can identify malware, bots and other intrusions on user devices at the point of entry. By analysing user data, it also analyses risk for credit and insurance offerings.
Finally, GoFrictionless, as the name suggests, enables frictionless ‘one-click’ customer experiences for e-commerce. Using this platform, transactional risk can be assessed to offer insights on how to improve the customer journey and reduce basket drop-off rates.
Genesis
Whether it’s the creation of the Earth as we know it, or streamlining business processes for capital markets, Genesis boasts both.
The ever-changing landscape of the capital market industry coupled with its diverse nature requires flexible solutions that can be built fast. Genesis’ platform holds the foundations for creating business process models that can be adapted to meet the needs of any capital market firms.
They offer cost-effective, customisable solutions with minimal coding, but their fast turnaround times are largely due to the fact that most of the work is done — they have ready-built products, including quoting systems and trade allocation management, that can be implemented as they are or tweaked as required.
WealthKernel
WealthKernel is a one-stop-shop for any digital investment company. Their platform sits underneath your application and puts in place the building blocks for a digital wealth proposition.
Through their modular API platform, they provide onboarding, dealing, custody, regulatory and technology solutions. Their responsive client portal can be white labelled to match company branding and it offers a seamless end-to-end client journey, including real-time chat tools for support.
The admin portal gives data transparency and has a built-in alerting system that allows businesses to centrally manage all client transactions and administration, as well as run additional compliance checks.