Skwile Clinches £50,000 Fintech Scotland Prize for SME Financial Innovation

Skwile, a fintech frontrunner specialising in cash flow and actionable data insights, is delighted to announce its receipt of a prestigious £50,000 award from Fintech Scotland. This accolade signifies a pivotal moment in Skwile’s journey to deliver avant-garde financial solutions, particularly through its flagship cash flow forecasting and budgeting tool, CaFE.

Fintech Scotland, committed to nurturing fintech innovation, lauded Skwile for its exceptional ability to leverage Open Banking data, a boon for small and medium-sized enterprises (SMEs) within the national economy. Collaborating with prominent partners like Smart Data Foundry, NatWest, and Virgin Money, Skwile showcased the potential of Open Finance data in providing comprehensive SME attribute and benchmarking insights, transcending basic transactional data.

This pioneering approach enables groundbreaking insights, including fuel consumption categorisation for carbon footprint analysis, industry trend positioning, and in-depth analysis of past profit and loss, alongside forecasting future industry money flow trends. Such insights offer SMEs a deeper grasp of their financial health, while financial institutions are now better equipped to offer customised business growth advice.

Buoyed by this achievement, Skwile is set to broaden its Scottish operations, likely involving hiring local engineers and partnering with Scottish CFOs and academic institutions to enhance product development and business growth.

Furthermore, in collaboration with NatWest and Virgin Money, Skwile’s CaFE is planning an innovative ‘Interactive Virtual CFO’ project, leveraging Open Finance to provide real-time financial insights, thereby aiding businesses in making informed decisions for sustainable growth.

Makoto Fukuhara, Skwile’s founder, shared his excitement: “This prize from Fintech Scotland is a testament to the dedication and innovation of our team. We are excited about the opportunity to make a positive impact on SMEs in Scotland and further enhance their financial success. We are also looking forward to strengthening our ties with Scotland, a hub of expertise and talent in the fintech sector.”

Elaine McLaughlan, NatWest Group’s Core Capabilities Lead, remarked: “Supporting and strengthening Financial Services relationships with their SME clients is fully aligned with our purpose to champion potential: helping people, families and businesses to thrive. We’re excited to see the ideas that were showcased through the challenge.”

With this grant and upcoming ventures, Skwile is ideally positioned to revolutionise financial services for SMEs, fostering their growth and prosperity.

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