10 Feb Member Spotlight: CashRocket
Founded in 2016, CashRocket is riding an innovative wave of AI technology that will open up new opportunities in financial services. The company is looking to provide small and medium businesses new ways of managing their cash flow in real-time and fully automated, powered by artificial intelligence and forward looking analytics. Founded by Amir Piltan and Nicolas Kramer, CashRocket is part of an incubator program led by the European Space Agency (ESA). The Agency supports start-ups which utilize space-based technologies for non-space applications, in this case cash flow forecasting and management. It also provides funding, technical support, expertise and the network to communicate to product offerings to the right people.
Initially branded as Spore.BI, the start-up was founded and incubated at YES!Delft by Amir and Nicolas when they were still studying at the Delft University of Technology. When joining the incubator program of the ESA, they pivoted their value proposition and subsequently the branding. Giving credit to the technology, which drives their products, named as CashRocket. Their core service shifted towards providing cash management solutions to SME’s in the form of Software as a service, with pre-built models. CashRocket envisions to make SME business owners life easier by providing:
- Zero-effort cash flow management and monitoring
- Relief from time consuming cash flow, costs, and invoices monitoring stress
- Quick understanding of business decisions impacts on cash flow using easy-to-use what-if scenarios
- Contextualised, real-time, and paper-less communication and sharing with advisors, investors and banks
CashRocket aims to achieve these goals by offering tooling based on rocket-based data-analytics and artificial intelligence. The engine of their products is based on time-series analytics, allowing for cash flow analysis on the basis of historic trends, but also on events outside the company, so-called big data. In addition, CashRocket enables the users to simulate the effects of business scenarios on the cash positions of the company. The accountant can, for instance, check whether hiring a new employee will create problems for the cash positions of the company further down the road, or account for an outside shock event, like the bankruptcy of a debtor. CashRocket currently operates with a diverse team of five, with backgrounds in data analytics, accountancy, and software development. It is looking to launch its closed beta in June 2017, with a public basic version towards the end of 2017.
When looking to the future of his business and the fintech environment in the Netherlands in general, Amir expresses mixed feelings. On the one hand, he appreciates the spirit and eagerness which start-ups and certain stakeholders have shown and the level of development in the fintech scene. On the other hand, he is worried about the low pace regulatory facilitation (such as PSD2) in comparison with countries like the UK and Germany. If The Netherlands falls to far behind, it will be harder for Dutch start-up to compete on the international scene, but also closer to home, when one considers the hiring of talent and the adoption of technological innovations by the market. According to Amir, some fintech products and servicesrequire market education. Amir thinks Holland Fintech has contributed to public awareness by providing a strong network of peer companies, creating various synergies for all involved. A wider adoption is however needed, as CashRocket does not simply replaces a current tool, it offers a new way of managing financials to improve liquidity as well as make “informed” decisions. CashRocket envisions to contribute to a strong future of fintech in The Netherlands.