Meet Airbank, a startup that’s making the most of open banking regulation and associated APIs to mixture all of your financial institution accounts. Centered on startups and small and medium corporations, the corporate needs to construct an all-in-one banking interface to entry monetary information, provoke funds, handle money move and extra.
Airbank simply raised a $3 million (€2.5 million) seed spherical led by Pia d’Iribarne and Jean de la Rochebrochard at New Wave, with Speedinvest and Tiny VC additionally taking part. A handful of enterprise angels are additionally becoming a member of the spherical, comparable to Cris Conde (government in residence at Accel), Luca Ascani (Accel scout) and Marc McCabe (Sequoia scout).
The startup’s worth proposition is kind of easy and may be simply defined in a single screenshot. With Airbank, you possibly can enter your login info for all of the financial institution accounts and associated accounts that you just use. After that, you possibly can view every thing out of your Airbank account:
Many corporations must take care of a number of financial institution accounts for a number of causes — you might have opened one checking account once you integrated your organization, one other checking account to request a mortgage, a Sensible Enterprise account for low international transaction charges, a Revolut Enterprise account to get debit playing cards for everybody, and so forth.
Along with financial institution accounts, chances are high you’re additionally producing income with Stripe, PayPal or Shopify. Many executives lose a ton of time connecting to net portals, exporting information as CSV information, importing these information in Microsoft Excel and consolidating all that info.
Airbank mechanically refreshes your balances throughout a number of accounts. You possibly can see your whole stability in a number of currencies. It additionally may help you reconcile transactions with excellent invoices, as you possibly can search throughout a number of accounts without delay.
That is simply a place to begin; Airbank needs to change into the one interface for all of your banking wants. You possibly can categorize transactions, see how a lot you’re spending with every provider, observe recurring funds and export every thing to Google Sheets or Microsoft Excel. Quickly, you’ll be capable to use Airbank for money move forecasting and computerized reconciliation together with your Xero or QuickBooks information.
Open banking isn’t restricted to account aggregation. With correct APIs, you need to be capable to provoke funds from a third-party product. And Airbank plans to benefit from that as the corporate is engaged on funds. As you possibly can handle entry rights, Airbank may act because the fee portal for the finance crew.
“Open banking has enabled easy integrations with banks, which we are able to make the most of to supply richer banking and funds experiences for our customers. Our imaginative and prescient is to construct an all-in-one finance hub that connects all of your monetary accounts in a single place. Our integrations will carry invoice funds, expense administration, and FX all in a single product that’s simple to make use of,” co-founder and CEO Christopher Zemina stated in a press release.
Different startups have been engaged on money move administration, comparable to Agicap, and B2B funds, comparable to Libeo and Upflow. Airbank is beginning with account aggregation and desires to deal with B2B finance in a holistic method.
Vertical SaaS merchandise have been booming these days. And there’s a motive why the house is kind of aggressive: There’s nonetheless a ton of stuff to do round B2B fintech and specialised software-as-a-service merchandise.