2 March, 2024

Fintech Scotland Awards £50,000 to Skwile for Enhancing SME Financial Insights

Skwile, a leader in the fintech sphere specialising in cash flow and actionable data insights, proudly announces its achievement of a £50,000 prize from Fintech Scotland. This significant milestone underscores Skwile’s dedication to pioneering financial solutions, especially seen in its acclaimed cash flow forecasting and budgeting solution, CaFE.

Fintech Scotland, an entity dedicated to promoting fintech sector innovation, acknowledged Skwile’s outstanding ability to utilise Open Banking data, greatly benefiting SMEs in the national economy. In alliance with key partners such as Smart Data Foundry, NatWest, and Virgin Money, Skwile demonstrated how Open Finance data could extend beyond basic transaction details to offer extensive insights into SME attributes and benchmarking.

This innovative methodology facilitates novel insights, such as categorising fuel consumption for carbon footprint analysis, identifying industry trends, analysing historical profit and loss, and predicting future industry financial trends. This enables SMEs to gain a more nuanced understanding of their financial standing, while financial institutions can provide more specific advice for business expansion.

Following this success, Skwile intends to expand into Central Scotland, potentially hiring Scottish engineers and collaborating with Scottish CFOs and educational bodies to advance product development and business growth.

Additionally, CaFE is set to embark on an ambitious project with NatWest and Virgin Money to create an ‘Interactive Virtual CFO’ based on Open Finance. This initiative aims to equip businesses with real-time financial insights, aiding them in making informed decisions for enduring growth.

Makoto Fukuhara, Skwile’s founder, expressed his enthusiasm: “This prize from Fintech Scotland is a testament to the dedication and innovation of our team. We are excited about the opportunity to make a positive impact on SMEs in Scotland and further enhance their financial success. We are also looking forward to strengthening our ties with Scotland, a hub of expertise and talent in the fintech sector.”

Elaine McLaughlan from NatWest Group added: “Supporting and strengthening Financial Services relationships with their SME clients is fully aligned with our purpose to champion potential: helping people, families and businesses to thrive. We’re excited to see the ideas that were showcased through the challenge.”

With this significant grant and its forthcoming projects, Skwile is set to be a key player in transforming SME financial services, contributing to their flourishing success.


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