Foundations #1: What do we do at Finbase?
Foundations #1: What do we do at Finbase?
Foundations #1: What do we do at Finbase?
Foundations #1: What do we do at Finbase?
Mateo Cascardo
Dec 4, 2024
This article was made because many people asked us what we do at Finbase. Here is the explanation.
Nowadays (and we believe that in the future more and more) fintechs integrate with banking partners to offer their services. There are partners for your users to create bank accounts, others for them to withdraw their balances, others for them to invest, and so on and so forth.
The reality is messy
When you have to integrate with multiple banking providers (typically +20), you have to manage many different systems, different databases, different integrations, and each new provider is a world of its own.
At Finbase, we believe there is a better way. Our mission is to become the central core that fintech companies rely on, starting with solving one of the biggest problems all teams face: reconciliation.
What is reconciliation? Checking that the transactions between the fintechs' banking providers and the backend itself are the same. Getting the operation under control. If any transaction is wrong, it can mean fraud, integration errors, duplicate transactions, etc.
This generates to the fintech a lot of risk for the funds. And losing a lot of money. Or the trust of their users.
How do they currently solve it?
Manually on a daily basis by reconciling transactions, or by creating tools and scripts to automate.
Doing it manually: it is not a scalable way and with a lot of operational burden, as the operation grows it becomes more complex.
Creating internal tools: automations have to be maintained and fixed every time something changes, and every time a new supplier is added, new ones have to be created, taking the focus away from delivering features to users.
Our Solution: Easy to use Reconciliation
At Finbase we decided to start with the urgent: solving reconciliation. We are building a tool designed especially for fintechs, which allows you to forget about the mess and gives you a simple, automatic and reliable solution.
How do we do it?
We unify all your information: We bring all your transaction data into one place, so you don't have to search through ten different panels.
We automate the process: Our reconciliation engine compares transactions, detects differences and tells you exactly what needs your attention.
We adapt to the way you work: We know that every fintech is different. That's why our tools are flexible and adjust to your needs.
We give you real-time data: Stop waiting for the day's closings or for reports to arrive. With Finbase, you always have up-to-date visibility.
The idea is simple: solve the problem for you so your team doesn't waste time on the backend and can focus on what really matters: growing your business and giving your users a better experience.
Solving the reconciliation is just the first step. The real root problem in fintechs is that the infrastructure is broken. Everything is fragmented. In our next #Foundations we're going to write about our vision.
—
We're just getting started, but we're clear about where we're going: we want to make fintech infrastructure as simple and scalable as the products you're dreaming of. Reconciliation is the first step, but there's much more to come.
If you're tired of dealing with reconciliations or being held back by infrastructure, let's chat. We're convinced that together we can do much better.
mateo@usefinbase.com
This article was made because many people asked us what we do at Finbase. Here is the explanation.
Nowadays (and we believe that in the future more and more) fintechs integrate with banking partners to offer their services. There are partners for your users to create bank accounts, others for them to withdraw their balances, others for them to invest, and so on and so forth.
The reality is messy
When you have to integrate with multiple banking providers (typically +20), you have to manage many different systems, different databases, different integrations, and each new provider is a world of its own.
At Finbase, we believe there is a better way. Our mission is to become the central core that fintech companies rely on, starting with solving one of the biggest problems all teams face: reconciliation.
What is reconciliation? Checking that the transactions between the fintechs' banking providers and the backend itself are the same. Getting the operation under control. If any transaction is wrong, it can mean fraud, integration errors, duplicate transactions, etc.
This generates to the fintech a lot of risk for the funds. And losing a lot of money. Or the trust of their users.
How do they currently solve it?
Manually on a daily basis by reconciling transactions, or by creating tools and scripts to automate.
Doing it manually: it is not a scalable way and with a lot of operational burden, as the operation grows it becomes more complex.
Creating internal tools: automations have to be maintained and fixed every time something changes, and every time a new supplier is added, new ones have to be created, taking the focus away from delivering features to users.
Our Solution: Easy to use Reconciliation
At Finbase we decided to start with the urgent: solving reconciliation. We are building a tool designed especially for fintechs, which allows you to forget about the mess and gives you a simple, automatic and reliable solution.
How do we do it?
We unify all your information: We bring all your transaction data into one place, so you don't have to search through ten different panels.
We automate the process: Our reconciliation engine compares transactions, detects differences and tells you exactly what needs your attention.
We adapt to the way you work: We know that every fintech is different. That's why our tools are flexible and adjust to your needs.
We give you real-time data: Stop waiting for the day's closings or for reports to arrive. With Finbase, you always have up-to-date visibility.
The idea is simple: solve the problem for you so your team doesn't waste time on the backend and can focus on what really matters: growing your business and giving your users a better experience.
Solving the reconciliation is just the first step. The real root problem in fintechs is that the infrastructure is broken. Everything is fragmented. In our next #Foundations we're going to write about our vision.
—
We're just getting started, but we're clear about where we're going: we want to make fintech infrastructure as simple and scalable as the products you're dreaming of. Reconciliation is the first step, but there's much more to come.
If you're tired of dealing with reconciliations or being held back by infrastructure, let's chat. We're convinced that together we can do much better.
mateo@usefinbase.com