Accounting is the single source of truth for SMEs financial data. All of business financial data resides in this repository. Sales, Vendors, Banking, Tax, POS and e-commerce data are all collected and reconciled in the accounting system. Accounting systems are also highly customizable by accountants and book-keepers, which means that every business has a very unique set of financial data. Across 30 million businesses in the US there really are 30 million SME data sets. Banks and financial institutions want to access this financial data from SMEs for lending, portfolio monitoring, reconciliation, cash management type services. Today, access to this data is manual via PDFs and excel files. Also, cleaning and normalizing this data is a big challenge across 30 million businesses. Railz is the only Data-as-a-Service platform that connects, normalizes and analyzes financial data on small businesses. We do this to make financing decisions faster, better and easier for financial institutions.
Who are your first pilot customers? (It’s okay if you don’t have one yet, but if you do, please list):
M&T Bank is our first pilot banking customer. In addition, we have 52 fintech companies (FunnelDash, Rho business banking, Rumbleship, Venbridge) building on top of Railz.
What technologies do you use?:
We are a single API to connect to these accounting systems. Our stack is in Node.js. We have developed our own proprietary machine learning algorithms to clean and normalize the data on the accounting level. We use AWS for storage.
Which category do you see yourself in?:
Where is the company headquartered?:
How many employees do you have today?:
What is the state of your minimal viable offering?:
Open Banking is the talk of the town but businesses have multiple bank accounts. Business data is housed in accounting systems, so a push for open accounting standards is in the making. We are democratizing financial data to build the future of business financial services. We building the foundation for the future of business finance. Railz empowers fintech and Banks to deliver compelling financial products and expand their access to more customers. We are on a mission to make the financial system fairer with data-driven decisions.