Each week we interview one of our members to find out a bit more about them and their work in the Greater Manchester digital sphere. This week we're speaking with Finstant, a market leading database startup that is making waves in the fintech sector.
What does your organisation do?
Finstant is a data company that predicts the future. We do this through a market leading database and world leading cash flow forecasting software. Our software is run on through chat bots, so we can make cash flow forecasts for users in just a few minutes. We then harness this aggregated date to work with our corporate partners and support startups along their growth journey.
What do you think is currently the biggest issue facing the tech industry?
The biggest issue facing the industry is keeping up with consumer demand and expectations. Because of the prevalence of amazing tech from companies all around the world, users often just expect startups to offer the same service, or have the same level of automation and speed. While these advances push the industry forwards, for startups like mine, it often means first versions are difficult to gain traction with as they are so far below the market average.
What is your organisation’s biggest achievement?
The biggest achievement for Finstant so far is creating the world’s first cash flow forecasting tool built in a chatbot. We were the first organisation to understand how a chatbot can be moulded and turned from a customer service tool into a building one.
What would you consider to be your organisation’s biggest challenge?
Launching innovative market leading software is a challenge, as buyers are reluctant to trust something so different from the norm. People assume you do financial forecasts in Excel. Allowing them to see they can be done so much easier is actually a challenge.
What do you think the future looks like for Manchester’s tech sector?
The future for Manchester sees more collaboration. There has been significant resources put in to ensuring it is one of the leading cities in the UK for tech firms. Now to push forwards and make its mark, collaboration between established players and new startups will benefit the whole ecosystem.
Tell us something that we might not know about your company?
Finstant was born out of the previous startup Sam co-founded. He was CFO and while raising money, spent his entire life in Excel. No one starts a business to sit and look at cells in Excel, so Sam thought there had to be a better, quicker, easier way to create business finances. Finstant was the answer.
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