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Companies need better software to manage day-to-day finance
The tools that exist today for tracking and managing financial operations are outdated. Furthermore, payment complexity is increasing as businesses become global.
Large companies try to keep up by creating homegrown solutions with many engineers and operations specialists. For example, companies like Airbnb and Uber have 200+ employees tracking their real-time financial health.
Then there are the breakdowns in these payment operations, such as when Citibank accidentally wired $900M to a hedge fund.
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345 reads
MORE IDEAS ON THIS
Building principles
Building in this category requires building trust and reducing friction in the onboarding. The product needs to be highly reliable and likely needs to be added on top of existing products at first. Setup cannot be overly complex, as this is what the buyer wants t...
26
104 reads
Payins and payouts are mostly manual
- Payouts send money outside of the business, such as bank wires and ACH, paying vendor invoices, creating transaction logs, etc.
- Payins bring money into the business by accepting various payment methods, optimising payment routes and authorisation rat...
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131 reads
The opportunity to build
Financial Operations (FinOps) could be an emerging software category with a huge opportunity to rethink the way businesses manage their money. As a result, it is expected that a number of companies will build solutions.
Both payins and payouts can organise workflows into la...
27
115 reads
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As companies continue to expand globally and new payment methods are created, there is an increasing need for a new generation of “financial operations” (FinOps) to help businesses manage their money.
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