Startup Money Squirrel has launched an open banking-powered app designed to assist UK businesses in effectively managing their cash flow.
Money Squirrel’s platform utilizes open banking technology to help users automatically transfer funds into savings accounts, ensuring they are prepared for upcoming financial obligations while earning interest on their unused balances.
In addition to facilitating savings, the app also helps users automatically calculate VAT and allocate their funds accordingly.
“As a founder, I experienced first-hand the frustrations of managing cash flow—spending countless hours calculating VAT and budgeting for future expenses,” says Andreea Daly, CEO of Money Squirrel. “I created Money Squirrel to alleviate those concerns, allowing founders to concentrate on growing their businesses.”
Money Squirrel is a member of the Shift Open Finance Community, which operates a program called Ignite that invests in promising startups. Last year, Money Squirrel was selected as the sole recipient of Ignite’s backing after a competitive selection process.