Eyal Shinar: Your distinction between Kabbage and Ondeck, and Amex and Intuit is accurate. But I think it’s missing the big picture. You don’t need credit as a seller if you’re getting paid immediately. You need much less working capital than before. That’s what we’re trying to solve. We’re allowing the seller to get paid
Small business credit and receivables financing are going through enormous changes in the FinTech era. This interview delves into some complex issues. Fascinating discussion! Sramana Mitra: Let’s start by introducing our audience to yourself as well as to Fundbox. We’ve had Fundbox before. Let’s do a quick recap. Eyal Shinar: I’m the Co-Founder and CEO
Sramana Mitra: When you look around, what are the open problems that you see from your vantage point? I ask this question to all the thought leaders that we bring on to this series. You’re doing one company but when you look around, you see other problems that if you were starting out, that may
Sramana Mitra: When you look at Fortune 500 or Global 2000 customer base, what is the percentage of penetration of this kind of technology? Terrence McCrossan: Gartner’s data is probably the best proxy for market penetration. They estimate that just 5% of large organizations are using automated analysis tools as part of their audit process.
The audit function at enterprises is ripe for automation. Read on to learn what’s happening. Sramana Mitra: Let’s start at the very beginning by introducing yourself as well as Oversight Systems. Terrence McCrossan: I’m the CEO of Oversight Systems. Oversight is an Atlanta, Georgia-based company that is a leader in AI-based process automation and transaction
Sramana Mitra: I’ll tell you from my point of view because in 1Mby1M, we’re trying to get entrepreneurs to be disciplined, scalable, and be able to do more things. If you’re going to go apply for a loan, keeping your QuickBooks up to date is an important piece of the housekeeping. Brock Blake: Yes, no
Brock Blake: We have a partnership with Comcast. In Comcast, we have access to proprietary data around how long have they been a customer, how many employees do they have, what’s their track record of payment, etc. Everyone is looking for a unique source of data that they can access to that others can’t. It’s
Sramana Mitra: What are the trends in the industry? One of the trends that I’m starting to see is that what started more as a FinTech phenomenon is starting to come into the mainstream. One of the companies you’ve mentioned earlier is American Express. I actually did a story last year with American Express’ FinTech