Centralize Business Finances | airbank

Airbank: Consolidating Business Finances Through Open Banking

Airbank is an emerging startup leveraging open banking regulations and APIs to provide a unified platform for managing all your bank accounts. The company specifically targets startups and small to medium-sized businesses, aiming to create a comprehensive banking interface.

Recent Funding and Investors

Airbank recently secured $3 million (€2.5 million) in a seed funding round. This investment was spearheaded by Pia d’Iribarne and Jean de la Rochebrochard at New Wave, with participation from Speedinvest and Tiny VC.

Several business angels also contributed to the round, including Cris Conde (Accel executive in residence), Luca Ascani (Accel scout), and Marc McCabe (Sequoia scout).

The Core Value Proposition

Airbank’s central offering is straightforward: it centralizes your financial data. Users input their login credentials for various bank and financial accounts.

Once connected, all account information becomes accessible directly through the Airbank platform.

Addressing the Challenges of Multiple Accounts

Many businesses operate with multiple bank accounts due to various factors. These can include accounts opened during incorporation, loan-specific accounts, and specialized services like Wise Business for foreign transactions or Revolut Business for employee debit cards.

Beyond traditional bank accounts, revenue streams often involve platforms like Stripe, PayPal, and Shopify. Executives frequently spend considerable time manually consolidating data from these disparate sources.

Key Features and Functionality

Airbank automatically updates account balances across all connected accounts, displaying totals in multiple currencies. The platform also facilitates transaction reconciliation with outstanding invoices.

Users can search for transactions across all accounts simultaneously, streamlining the reconciliation process.

Future Development and Expansion

Airbank’s ambitions extend beyond simple aggregation. The company intends to become a complete banking interface, offering features like transaction categorization and spending analysis by supplier.

Recurring payment tracking and data export to Google Sheets or Microsoft Excel are also available. Future plans include cash flow forecasting and automated reconciliation with accounting software like Xero or QuickBooks.

Leveraging Open Banking for Payments

Open banking APIs enable third-party applications to initiate payments. Airbank intends to utilize this capability, developing a payment functionality.

The platform’s access control features could position Airbank as a centralized payment portal for finance teams.

“Our vision is to build an all-in-one finance hub that connects all your financial accounts in one place,” stated co-founder and CEO Christopher Zemina. “We aim to offer richer banking and payments experiences through smooth integrations enabled by open banking.”

Competitive Landscape

Several other startups are active in the cash flow management space, such as Agicap. Companies like Libeo and Upflow focus on B2B payments.

Airbank differentiates itself by starting with account aggregation and pursuing a holistic approach to B2B finance.

The Growing Vertical SaaS Market

The market for Vertical SaaS products is experiencing significant growth. This competitive landscape reflects the substantial opportunities within B2B fintech and specialized software-as-a-service solutions.