Fintech start-up moves to next stage in its development
A finance-based start-up is moving on to the next stage of accessing funding after initial support and mentoring under the NatWest Bank Accelerator programme in Manchester.
Finstant provides cashflow forecasting services to small businesses instantly so business owners can spend less time working through spreadsheets and more time developing their enterprises.
Developed by entrepreneur Sam Patchitt, Finstant allows users to create and see their cashflow forecasts even if they struggle with numbers or using spreadsheets.
Sam came up with the idea while working for another start-up where he was chief financial officer.
He said: “I’m good at numbers and can use spreadsheets pretty easily for forecasting, but I know this skill doesn’t come easy for everyone, so I developed Finstant to support other entrepreneurs.
“It’s absolutely vital you get your cashflow forecasts right, particularly when you are starting out, but when your business is new you have other demands on your time and energy.”
Finstant uses a chat-box which asks users questions about their business to gather data.
This information is used with a reactive graph created by Sam which then generates the cashflow forecast. Finstant has already launched a product using Facebook messenger and s currently developing other products for other systems.
Sam said: “We are starting to look for investment of between £250,000 and £500,000 to build the team and continue working on partnerships to see how we can work together.
“We want to take the company from a start-up to a full leading mid-size company, grow the team from one to five people, and take our partnerships from a few to loads.”
Sam and Finstant are part of the NatWest Accelerator in Manchester.
Open to entrepreneurs of any age and at any stage of their business, including larger companies with higher turnovers, the fully-funded programme provides successful applicants with coaching and support and office facilities.
The multi-stage programme also includes a specialist FinTech programme providing tailored development advice and support for these businesses. Applications are now open for the next intake at the Accelerator.
Sam, said: “Mindset has been a key take away for me. From a personal perspective I believe I can run this company and the programme has given me the space to build this company how I want it. When I am working with stakeholders at large companies like Facebook, I feel like I can sit there as an equal.”
Gemma Fattahi, entrepreneur development manager at NatWest, said: “Sam has created a fantastic product with Finstant which will help a range of SMEs in their development. He understands the needs of entrepreneurs and has the experience to ensure his products meet their needs. We wish him every success for the future.”