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The tools that exist today for tracking and managing financial operations are outdated.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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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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