CashDirector Inc

b2b fintechartificial intelligence/machine learning

FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 22/10/2019

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About

CashDirector helps SMB banks differentiate from the competition, acquire more new business & protect client relationships using innovative added value services. CashDirector is the leading provider of Bank Branded Accounting Platforms (BBAP) with cash flow management tools (CashDirector) for banks serving MICRO & SMB clients - as an innovative add-on to existing online banking. BBAP & CashDirector are based on AI accounting robot technology, allowing business transactions & bank operations to be booked in real time. According to a US Bank report, 81% of SMB failures are due to poor cash management. Managing cash flow effectively is the biggest problem for SMB companies. The BBAP platform and the CashDirector solve this problem, helping SMBs manage cash flow and payments directly from their online bank accounts, thus creating a long term relationship with the bank and building their loyalty. Cash flow management using real-time financial information gives banks an opportunity to use accounting data to generate new x-sell scenarios and offer bank products based on a customer's real needs. This innovative technology is easy and fast to implement by the bank. Allows easy integration with other fintech offers. The platform is a strategic sales channel for banking products of the future. Creates a long term competitive advantage, innovative image and differentiation from the competition. Reference - successful integration at mBank (5 million accounts, $35 bn in assets, part of Commerzbank Group). Over 2 million processed transactions, 50% new business penetration and high usage by SMB customers confirm the viability of the solution as part of the enriched online banking experience.

MEDICI Analysis

Cyber productivity is an integrating automated accounting platform. It offers small & medium businesses daily information for management, with a focus on cashflow projections and management. It enable real-time booking, fully automated reconciliations, semantic cost categorization backed with AI accounting rules.

Focus

PRODUCTS & SERVICES

Bank Branded Accounting Platform (BBAP) automates an SMB user’s accounting, simplifies invoicing and improves cash management in real time. CashDirector – intelligent digital employee, virtual financial manager works based on BBAP real time data, helps to manage SMB cashflow on a daily basis and solve potential liquidity problems in advance. Seamlessly accessible directly from a user’s online bank account the BBAP platform saves time with quick, easy steps to issue invoices, book expenses automatically, make payments or accurately forecast cash flow. Strategic x-sell channel for the bank. Build x-sell scenarios based on real-time accounting data. Built-in functionality helps the bank increase sales of factoring, loans, payments and other products faster than competition.

REVENUE MODEL

B2B2C, monthly subscriptions + commissions on banking products x-sell

PRIMARY PROBLEM SOLVED

1/ 82% SMEs fail due to poor cash management (source: US Bank), do not have proper knowledge and tool, cannot effort to hire finance manager 2/ SME are underfinanced, over 70% of loan request rejections goes to SMEs and bank perceive this market segment as risky and unprofitable With CashDirector we contribute to solving this problem. CashDirector is a virtual CFO application based on real-time accounting helping SME owners to manage the cahflow. Thanks to this integration with on-line banking SME clients interact more closely with the bank and stay longer within its ecosystem. The bank gets access to the accounting information and cashflow projection of the clients which gives them additional insight when they make credit decision about their clients. CashDirectot automated the lending origination process enabling the client to apply for a small ticket loan directly from the system. Through this unique offer SME customers become an attractive, profitable niche for the banks because CashDirector lowers the risk of lending and allows banks to capture additional revenue streams. Both SMEs and banks benefit from CashDirector. In addition CashDirector enables the bank to: - Protect SME bank clients portfolio against FinTech invasion - Differentiate from competition without price war - Create long term clients loyalty - Sell banking products based on real SME clients needs

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$500k - $999k

REVENUE COMMENT:

We started the active selling this year, after expiration of exclusivity contract with our first banking client. We have few more banks in pipeline, will DEMO on Finnovate New York Sept 2017, Finnovate New York Sept 2018 and San Diego WiB expo September 2017. We completed 3 acceleration programs: Barclays Techstars London, SuperCharger and DBS Hong Kong.

ACTIVE USERS:

85000

ACTIVE USERS COMMENT:

Accounting will be sell & x-sell channel of the future - no need to log in to the bank to make a payment / check account balance. All of this will be available directly from the accounting application. If banks want to avoid commodity business, they need to offer extended banking experience to SMEs eg by adding BBAP / Cash Director to online banking.

People

BOARD MEMBERS AND ADVISORS

Jakub Karnowski

Voytek Siewierski

Andrzej Horawa

NUMBER OF EMPLOYEES

51-200

KEY EMPLOYEES:

Rafal Strzelecki (CEO); Anita Golbiewska (COO); Robert Kaliszuk (CTO)

COMMENT:

All key members of the team worked with each other already for 10 years in the previous company we developed,exited. There is strong motivation,ability to scale up businesses. CEO - 20 years of experience in management, More than 50 projects large,medium scale, Track Record in processes reengineering, 10 years of experience in F&A Outsourcing, An expert in the field of AI,accounting CCO - former managing director od the largest accounting outsourcing company in Poland,former Head of Sales & Marketing in Raiffeisen Bank. CTO - Software development manager, 10 years of experience in accounting outsourcing optimization. Experienced in accounting robot implementation in bank, cooperation with bank compliance,with bank security. Board of Directors - C-level executive from IBM, Microsoft, Teradata Technology Expert, IT systems sales strategy expert.

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

$4 M

USES OF FUNDS RAISED:

1. 1. US market entry, 2. Further product development

EXIT STRATEGY

IPO, industry investor (Intuit, Microsoft, SAP), financial investor PA

MONTHS LEFT WITH CURRENT CASH BURN RATE:

18 months from 19 Jun, 2019

Innovation Programs

BASICS

FOUNDING YEAR:

2012

LOCATION:

United States

Views:

222 VISITORS | 841 VIEWS

About

CashDirector helps SMB banks differentiate from the competition, acquire more new business & protect client relationships using innovative added value services. CashDirector is the leading provider of Bank Branded Accounting Platforms (BBAP) with cash flow management tools (CashDirector) for banks serving MICRO & SMB clients - as an innovative add-on to existing online banking. BBAP & CashDirector are based on AI accounting robot technology, allowing business transactions & bank operations to be booked in real time. According to a US Bank report, 81% of SMB failures are due to poor cash management. Managing cash flow effectively is the biggest problem for SMB companies. The BBAP platform and the CashDirector solve this problem, helping SMBs manage cash flow and payments directly from their online bank accounts, thus creating a long term relationship with the bank and building their loyalty. Cash flow management using real-time financial information gives banks an opportunity to use accounting data to generate new x-sell scenarios and offer bank products based on a customer's real needs. This innovative technology is easy and fast to implement by the bank. Allows easy integration with other fintech offers. The platform is a strategic sales channel for banking products of the future. Creates a long term competitive advantage, innovative image and differentiation from the competition. Reference - successful integration at mBank (5 million accounts, $35 bn in assets, part of Commerzbank Group). Over 2 million processed transactions, 50% new business penetration and high usage by SMB customers confirm the viability of the solution as part of the enriched online banking experience.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Cyber productivity is an integrating automated accounting platform. It offers small & medium businesses daily information for management, with a focus on cashflow projections and management. It enable real-time booking, fully automated reconciliations, semantic cost categorization backed with AI accounting rules.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Innovation Programs

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CashDirector Inc

About

CashDirector helps SMB banks differentiate from the competition, acquire more new business & protect client relationships using innovative added value services. CashDirector is the leading provider of Bank Branded Accounting Platforms (BBAP) with cash flow management tools (CashDirector) for banks serving MICRO & SMB clients - as an innovative add-on to existing online banking. BBAP & CashDirector are based on AI accounting robot technology, allowing business transactions & bank operations to be booked in real time. According to a US Bank report, 81% of SMB failures are due to poor cash management. Managing cash flow effectively is the biggest problem for SMB companies. The BBAP platform and the CashDirector solve this problem, helping SMBs manage cash flow and payments directly from their online bank accounts, thus creating a long term relationship with the bank and building their loyalty. Cash flow management using real-time financial information gives banks an opportunity to use accounting data to generate new x-sell scenarios and offer bank products based on a customer's real needs. This innovative technology is easy and fast to implement by the bank. Allows easy integration with other fintech offers. The platform is a strategic sales channel for banking products of the future. Creates a long term competitive advantage, innovative image and differentiation from the competition. Reference - successful integration at mBank (5 million accounts, $35 bn in assets, part of Commerzbank Group). Over 2 million processed transactions, 50% new business penetration and high usage by SMB customers confirm the viability of the solution as part of the enriched online banking experience.

Focus

PRODUCTS & SERVICES

Bank Branded Accounting Platform (BBAP) automates an SMB user’s accounting, simplifies invoicing and improves cash management in real time. CashDirector – intelligent digital employee, virtual financial manager works based on BBAP real time data, helps to manage SMB cashflow on a daily basis and solve potential liquidity problems in advance. Seamlessly accessible directly from a user’s online bank account the BBAP platform saves time with quick, easy steps to issue invoices, book expenses automatically, make payments or accurately forecast cash flow. Strategic x-sell channel for the bank. Build x-sell scenarios based on real-time accounting data. Built-in functionality helps the bank increase sales of factoring, loans, payments and other products faster than competition.

REVENUE MODEL

B2B2C, monthly subscriptions + commissions on banking products x-sell

TOP PROBLEM SOLVED

1/ 82% SMEs fail due to poor cash management (source: US Bank), do not have proper knowledge and tool, cannot effort to hire finance manager 2/ SME are underfinanced, over 70% of loan request rejections goes to SMEs and bank perceive this market segment as risky and unprofitable With CashDirector we contribute to solving this problem. CashDirector is a virtual CFO application based on real-time accounting helping SME owners to manage the cahflow. Thanks to this integration with on-line banking SME clients interact more closely with the bank and stay longer within its ecosystem. The bank gets access to the accounting information and cashflow projection of the clients which gives them additional insight when they make credit decision about their clients. CashDirectot automated the lending origination process enabling the client to apply for a small ticket loan directly from the system. Through this unique offer SME customers become an attractive, profitable niche for the banks because CashDirector lowers the risk of lending and allows banks to capture additional revenue streams. Both SMEs and banks benefit from CashDirector. In addition CashDirector enables the bank to: - Protect SME bank clients portfolio against FinTech invasion - Differentiate from competition without price war - Create long term clients loyalty - Sell banking products based on real SME clients needs

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

4 years of AI / Machine learning technology development and testing on corporate accounting outsourcing clients

KEY DIFFERENTIATORS

1. Free for SMEs 2. real-time 3. distributed via banks Additional info: dedicated accounting expert system giving robo-accounting functionality, developed for BPO professional services usage, track record of cutting costs by 20-50%, successful implementation in mBank (35bn in assets)

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

PRODUCT ATTRIBUTES

SaaS

On-premises

White label

STRATEGIC CLIENTS AND PARTNERSHIP

mBank : Client

BNP Paribas : signed contract in March 2018

E&Y : partner

PwC : partner

LUMA : VC investor

Comp SA : client

People

NUMBER OF EMPLOYEES

51-200

KEY EMPLOYEES:

CEO: Rafal Strzelecki

CTO: Robert Kaliszuk

employee: Rafal Strzelecki (CEO); Anita Golbiewska (COO); Robert Kaliszuk (CTO)

TEAM COMMENT:

All key members of the team worked with each other already for 10 years in the previous company we developed,exited. There is strong motivation,ability to scale up businesses. CEO - 20 years of experience in management, More than 50 projects large,medium scale, Track Record in processes reengineering, 10 years of experience in F&A Outsourcing, An expert in the field of AI,accounting CCO - former managing director od the largest accounting outsourcing company in Poland,former Head of Sales & Marketing in Raiffeisen Bank. CTO - Software development manager, 10 years of experience in accounting outsourcing optimization. Experienced in accounting robot implementation in bank, cooperation with bank compliance,with bank security. Board of Directors - C-level executive from IBM, Microsoft, Teradata Technology Expert, IT systems sales strategy expert.

BOARD MEMBERS AND ADVISORS:

Jakub Karnowski, Voytek Siewierski, Andrzej Horawa

Momentum

FUNDED

NO

TOTAL FUNDING:

$4 M

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed Jan 2016 --- USD2 M at a USD2 Mvaluation Comment on Seed AI Technoloigy is the curve out from our previous company in accounting outsourcing industry. CyberInvestment is the investment vehicle of the 2 founders and C-level managers. AI Technology cyberInvestment Series A May 2017 --- USD2 M at a USD5 Mvaluation Comment on Series A Luma Investment is active across the CEE and Balkans region investing in businesses with global ambitions. Whereas our venture capital fund is industry agnostic, with private equity investments we focus on downstream industrial, consumer goods & medical sectors as well as new technologies. LUMA INVESTMENT