Banking app wants to reduce number of SME failures
A new "revolutionary" banking and cashflow app is launching in hopes to reduce the failure rates of SMEs across the UK.
Slide is a wholly-owned subsidiary of virtual banking technology pioneer Cashfac and is the brainchild of founder of Paul Ormrod.
Unlike other retail banking platforms, Slide claims its new app will give business owners "full visibility" over their past, present and future cash position.
Chief commercial officer Simon Lyons argues that banking apps and bookkeepers only tell small business owners what has happened in the past, not what they need to know for the future.
"Banking apps and technology have never reduced the rate at which small businesses fail in the UK," he said, adding that too many business owners are basing their financial decisions on guesswork.
"We designed Slide to help these businesses get a step ahead to proactively predict and control their financial future."
Lyons told BusinessCloud that the company plans to run a closed BETA trial for the first three months before launching the app to the public.
He says he hopes Slide will attract 50,000 users within two years.
"There aren't any other dedicated SME products for open banking," he said. "Every single one has gone for the retail space and we've gone for the SME space.
"Half of businesses fail within five years and the banking industry - and particularly the app industry - has never done anything to address that."
Lyons said the Slide app has been in development for the last four years and the company has already invested approximately £6 million.
"The two-year goal is to get 50,000 users and what we'd love to do is to reduce the rate of failure for businesses," he said.
"I want Slide to solve a problem for business owners. I want an entrepreneur to use the technology and think 'I have a view of the position of my business like I've never had before'."
Cashfac is a provider of bank-to-corporate cash management software used by corporate and business banking clients.
The company was established 22 years ago and operates from UK offices in London, Manchester, Edinburgh, Livingston and Australian offices in Sydney and Melbourne.