One vertical that usually consists of Excel power users is finance teams, CFOs and accountants. While Excel is great for planning and forecasting, it yet lacks the real-time and data-driven features that many modern software applications offer today. For example, if you’re running finances at a fast-growing e-commerce start-up, you’ll have to get your financial data manually from banks, payment platforms, expense and accounting tools. This approach requires huge discipline in managing and updating several Excel files and versions.
There’s a better way and it’s called LiveFlow. The start-up has just came out of the YCW21 batch and today announced its $3.5 million seed round led by Moonfire Ventures. It’s basically a remix of a bank account, Zapier and Excel, as the product allows users to sync real-time data from their accounting services, banks, and payment platforms and plug them into tailor made reports, such as a consolidated P&L. Similarly to our analysis of Airbank, it fits our hypothesis that there’s significant value to be unlocked by moving beyond business banking pure plays and plugging into transaction data for better business analytics. Businesses and start-ups don’t need more neobanks, but tools that let them consolidate and make sense of underlying data flows in order to steer their business more effectively.
One interesting vertical target group that LiveFlow has uncovered are fractional accountants. Many early-stage companies don’t need a full-time CFO yet, so they hire them on a freelance basis. Imagine being responsible for the finances of 9 companies, managing and exchanging their financial data via Excel files. LiveFlow solves a huge pain point by linking to all clients’ QuickBooks accounts and importing their financial reports.
LiveFlow’s proposition consequently centers around data aggregation, creating real-time financial statements (which importantly don’t break after updating cells) and the multi-user collaboration features that are table-stakes in the current remote working environment: