CashDirector, an AI-enabled Digital CFO for SMEs, joins EIT Digital Accelerator to expand its business Europe-wide. CashDirector helps banks understand and serve the financial needs of SMEs in real-time, efficiently and profitably.
SMEs account for over 50% of the EU’s GDP and are increasingly employing a significant part of the workforce (66.6% in the EU). This makes them a clear growth opportunity for banks. However, many SMEs are underserviced and underfunded by banks, which are unable to properly assess risks and efficiently distribute a personalised offering to cater SMEs’ needs.
SMEs’ key concerns are related to managing liquidity and reducing excessive time spent daily on finance administration. Small business owners often lack the finance management skills and therefore need a financial management service, which can be very expensive for small and medium enterprises.
CashDirector’s AI-based Digital CFO solution for SMEs helps banks provide financial management services to small businesses at an affordable price. The Digital CFO platform allows SMEs to save time through automated daily finance management, understand their cash-flow needs in real-time, and interact online with their bank to balance short-term deficits or get funding for a business opportunity.
At the same time, through integration with their online banking platform, banks are able to obtain valuable information crucial for better risk assessment and to offer personalised on-demand products in an automated and efficient way.
Currently, over 95,000 Micro-, Small- and Medium Businesses have registered on CashDirector’s platform. The company is now expanding to key EU markets with the aim to launch a multilingual Digital CFO platform available to 25m SMEs in Europe. CashDirector intends to partner with MSME focused banks who would like to enrich their offering, enhance current relationships and acquire new small business customers.
In 2019, CashDirector applied for the EIT Digital Challenge, a pan-European contest for Deep Tech scaleups. It was selected as one of the 25 finalists invited to present their company in the final event in Brussels.
“We are delighted to partner with EIT Digital to scale our market position in the EU. We appreciate the networking opportunities as well as the breadth and depth of the quality relationships that EIT Digital has within the banking industry and other corporate partners. Admission in a competitive process to the EIT Digital Accelerator is a significant backing of the market fit of the CashDirector value proposition for Micro, Small and Medium Enterprises across Europe”, says Lukasz Bystrzynski, Managing Director, International Markets at CashDirector.
“CashDirector is the third scaleup based in Poland that we welcome to our program in two years; a testimony to the emergent Polish ecosystem. Founded and managed by seasoned entrepreneurs and executives, their platform is already delivering value to MSMEs and retail banks in their home market, and is absolutely ready for other markets in Europe. We’re delighted to help them raise the funds they need to fuel their expansion plans and acquire enterprise customers across Europe,” says Carlos Rubal, Lead of EIT Digital’s Accelerator for Poland.
The EIT Digital Accelerator provides tailor-made growth support for European tech scale-ups by helping secure international customers and raise capital. In 2019, the program was recognized by UBI Global as a World Top Public Business Accelerator in the World Benchmark Study 2019-2020 and ranked Top 4 Accelerator Brand in the Startup Heatmap Report Europe.
The programme was ranked 8th among the Top 20 Active Accelerators in the Global Accelerator Report 2016 by Gust.
The program was recognized by UBI Global as a World Top Public Business Accelerator in the World Benchmark Study 2019-2020 and ranked Top 4 Accelerator Brand in the Startup Heatmap Report Europe.