Cash is king. Actually, for businesses, cashflow is king. This is what defines the success or the demise of a company. You can sell all the products or services in the world… What really matters is how much cash there is left at the end of the week or month. What happens if you do not have a big finance department to help you forecast acurately. This is when predicting cashlow needs become so crucial. Fintech Review asked a few questions to Simon Draper, Co-Founder of Monspire.
Tell us more about Monspire. What is your elevator pitch?
We are on a mission to become the global cashflow management platform for small businesses. A platform that is powered by artificial intelligence but also hyper-inclusive, affordable and credible. We aim to provid business owners with a real-time overview of the cashflow of their businesses. The goal being to empower them to grow with confidence.
What is your background and what is the story behind the company?
I have worked in the fintech space for many years. It is the same for my co-founder Ben Gillen. We realised that we were in continuous discussions with small business owners about the issues relating to working capital.
It is a really big problem for many SMBs. And there is not really a comprehensive solution on the market to solve that problem. That is how we came to launch Monspire with a simple goal: solve the single biggest issue that business owners face.
What problems are you solving with Monspire?
At its core, Monspire is a cashflow financing platform. In other terms, we are a lender. Moreover, we use technology like Open Banking technology and AI to help businesses accurately predict and forecast cashflow. It allows us to produce improved risk information about where the working capital gaps are most likely to take place. Monspire then provide the funding to fill the gaps. As far as we can see, there are not any other company that offers both of these solutions at the same time.
Any innovation in fintech more broadly that you are really excited about?
Cashflow forecasting is a really interesting space in fintech, delivering interesting solutions for more customers. Payments is also an intriguing market that I keep a close eye on.
Any plans for the future or product roadmap you want people to know about?
Initially, our focus will be on rapid market acquisition of relevant customers. We want to demonstrate our product market fit.
As more of a longer-term goal, we want to innovate in the digital lending space to deliver better solutions for SMEs. We want to make sure our solution is fast with as little friction as possible, while also ensuring the risk is understood.
In terms of the product specifically, we’re looking to launch iOS and Android apps in the next six months.