Helping Czech small businesses get paid faster with FinTech Fakturoid

When FinTech Fakturoid’s founders launched their accounting app in 2009, they had a straightforward goal – to simplify accounting for small businesses. After experiencing the complexity of accounting software when running a small web design business, co-founder Jan Korbel says they wanted to “help entrepreneurs and small business people get paid faster, automate the process of billing and provide business analytics.”

Fakturoid FinTech and Komercni banka

Nine years later, Fakturoid has a subscriber base of tens of thousands. And since March 2018, the web application has been available on the MojeBanka Internet Banking platform of Societe Generale’s Czech subsidiary Komercni banka, allowing account holders to see whether invoices have been paid at a glance, and enriching the open banking strategic roadmap.

“I like the story that Fakturoid founders originated the app to help themselves. That’s why we believed from the beginning that Fakturoid should help our clients,” Martin Ehrenberger, Komercni banka’s Small Business Segment Manager, explains.

Just over 800 of small businesses had registered and started using the accounting app in first 3 months since its launch in March 2018 and more are expected to do so. The experience has been fruitful. “For Komercni banka, working with Fakturoid has been a rich open banking experience and paved the way for launching third-party apps on the bank’s platform. The bank has also streamlined its approach to contractual agreements and technology to be able to cooperate with such start-ups and third parties in the future,” says Martin Sladecek, Komercni banka’s Open Banking Manager. "We are proud of this achievement which is the result of teamwork and outstanding self-motivation. Both business and technology teams accomplished this on top of their daily work, allowing us to complete first cooperation between a bank and a startup in Czech republic.“

For Komercni banka, working with Fakturoid has been a rich open banking experience and paved the way for launching third-party apps on the bank’s platform. The bank has also streamlined its approach to contractual agreements and technology. For Fakturoid, the five-year Komercni banka agreement may yet meaningfully expand its subscriber base, while providing more resource to enhance the app.

The app is likely to be the first of many that will enhance Komercni banka’s platform at a time when the EU’s Payments Services Directive 2, implemented in January 2018, aims to kick-start competition. Martin Ehrenberger says that the Fakturoid experience has helped to develop a blueprint for other apps. “We have introduced the concept of cooperation with a third party throughout the bank,” he notes. “What we learned on the contractual side, technical side and about communications campaigns will serve us well with other partners.”

The beginning of 2019 is the app’s next big milestone, as small businesses tend to be most open to switching accounting providers at the year end. A communications campaign is planned, as well as improvements in registration.

“It shows that cooperation with third parties is possible and brings benefits to both sides – the big bank and the small flexible company,” concludes Martin Ehrenberger.