Money Squirrel has introduced an open banking-powered app specifically designed to assist UK businesses in enhancing their cashflow management.
According to Finextra, the company, recognized for its innovative financial solutions, aims to simplify financial operations for small and medium-sized enterprises.
The new product stems from a direct need to address the common challenges faced by business owners in managing financial obligations efficiently. Money Squirrel’s latest offering is engineered to automate and ease the financial management process, enabling businesses to focus more on growth and less on financial administration.
At its core, Money Squirrel is committed to leveraging technology to better serve businesses with their financial needs. The company harnesses the power of open banking to provide tools that are not just reactive but proactive in managing company finances.
The newly launched app works by integrating seamlessly with users’ banking systems, utilizing open banking technology to automatically transfer idle money into savings accounts. This not only safeguards funds for future obligations but also optimizes interest earnings on unused balances.
Besides basic cashflow management, the app offers functionalities like automatic VAT calculation and the allocation of funds, which significantly reduces the manual effort required in financial management.
Money Squirrel is also a proud member of the Shift Open Finance Community and has been recognized through the Ignite programme, which supports promising startups. Last year, it was the sole recipient of Ignite’s investment, which has evidently propelled the development and launch of this transformative financial tool.
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