Startup Money Squirrel has launched an open banking-powered app to help UK businesses master their cashflow management.
Money Squirrel's platform is powered by open banking technology to sweep users' money into savings accounts, ensuring they are prepared for future obligations while earning interest on unused balances.
In addition to ensuring users seamlessly "squirrel away" money for future obligations, it also promises to help automatically calculate VAT and allocate funds.
“As a founder, I experienced first-hand the frustrations of managing cash flow—spending countless hours calculating VAT and budgeting for future expenses,” says Andreea Daly, CEO, Money Squirrel. “I created Money Squirrel to take that worry off the table, freeing founders to focus on growing their businesses.”
Money Squirrel is part of the Shift Open Finance Community, which runs a programme, called Ignite, to invest in promising startups. Last year, following a selection process, Money Squirrel emerged as the sole recipient of Ignite’s backing.