Inspiration
Many small business owners start with a passion for their craft but quickly find themselves overwhelmed by the complexities of financial management. We were inspired to bridge this gap, creating a tool that transforms intimidating banking data into clear, actionable financial literacy for SME leaders.
What it does
Our application serves as a central financial hub where users can connect multiple bank accounts via Open Banking to monitor their cash flow in real-time. It streamlines operations by using AI to scan receipts and categorize expenses, facilitates QR code payments, and allows for secure, role-based account sharing with team members and accountants.
How we built it
We developed the platform using a robust mobile framework integrated with secure Open Banking APIs for seamless financial data synchronization. The core intelligence relies on an AI-driven OCR engine for receipt processing, while the backend is architected to handle encrypted data exports and permission-based access control.
Challenges we ran into
Integrating with Open Banking presented significant technical hurdles, as we had to normalize data across diverse banking APIs while maintaining strict security standards. Furthermore, we navigated the reality of a difficult payment market where high transaction taxes and complex entry barriers often force SMEs to rely solely on cash. Overcoming these barriers was essential to providing a digital alternative that is both affordable and accessible for small merchants.
Accomplishments that we're proud of
We are incredibly proud to have built a comprehensive suite of tools that truly empowers business owners. Our key milestones include delivering a Unified Dashboard for total financial clarity, Automated Bookkeeping via AI receipt scanning, and a seamless Bookkeeping Statement export for accountants. Additionally, we successfully implemented secure Open Banking connectivity, Share your account functionality for team collaboration
What we learned
Throughout the development process, we learned that financial literacy isn't just about showing numbers; it’s about providing the right context and tools at the right time. We also gained deep insights into the security requirements necessary to maintain trust when handling sensitive SME financial data.
What's next for PocketWise
First we need to find a bank sponsor to borrow their infrastructure and license to make the payment module profitable. The next phase for PocketWise involves moving beyond traditional currency by integrating the Digital Euro to support the future of European commerce. We also plan to introduce predictive cash-flow forecasting to help SMEs anticipate financial hurdles before they arrive.
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