Financial analysis platform Spendkey has emerged from stealth and secured £358,000 in pre-seed funding from investors.
Businesses can use Spendkey to provide AI-generated insights into their finances. Features include audit checking, cash flow management, carbon tracking and data cleansing.
According to Spendkey, its AI can conduct a full financial review of a company in “minutes”, a process which would take a person around 200 days to manually review.
The company was founded in 2020 by Alex Grundy and Akshay Upadhye, who previously worked for a consultancy firm.
Grundy said: “This investment is the next step on Spendkey’s journey, and it will provide us with the financial resources we need to enhance our platform’s user-friendly workflows and carbon reduction features.”
Investors in the pre-seed were venture capital firms Fuel Ventures and Scalebridge Capital as well as several angel investors.
The London-based company said its financial analysis software has handled £30bn worth of transactions.
Alexander Breeden, senior associate at Fuel Ventures said the platform will “empower businesses to make intelligent decisions around their spending, putting them on the front foot, and enabling them to proactively make more informed decisions over their finances”.
Spendkey estimates that the global spend analytics market will be valued at $7.63bn by 2028.
Capital will be spent by the startup on expansion of the sales team and marketing.