SMACC_TheHundertVol10Berlin_Nils_Lucas

Janosch Novak (Co-Founder) and Uli Erxleben (Co-Founder) © Nils Lucas

SMACC

Re-inventing SMB Finance

AI
Founded in 2015
50 employees
Funding €5M / 2 Rounds

SMACC automates financial management for small and medium-sized companies applying the latest machine learning technology. Their customers use SMACC’s solutions to automatically process financial invoices, make smarter payments, reconcile bank accounts, and get up-to-date financial reports without all the manual work and hardship, thereby putting SMBs back in control of their finances. Website

Interview with SMACC

What inspired you to found your startup?

We know the pain. A well-run finance function is quintessential to run a successful business. But paper-based, manual processes and chronically understaffed teams turn it into a daily struggle. We are building a product to solve our problem as well as the problem of every single small business owner and finance department we know.

How do you define success for yourself and your company?

Our mission is to put small businesses back in control of their financial management. When we deliver on this promise for thousands and ten thousands of companies we succeed with regard to our mission as well as economically.

Is there anything you’d do differently if you could do it again?

Include all users, business owners, accounts, tax advisors, customer service reps into the product development process from day one.

What problem does your product solve?

Manual, paper-based processes are expensive and slow leading to high costs as well as poor financial transparency and control. Smacc offers broad automation drastically reducing manual work, human error, and turn-around times enabling SMBs to master their financial management.

Where do you see your company in 1/5/10 years?

1 Year: Being perceived as THE innovator for financial management automation using AI technology.
5 Years: Market leader for innovative financial management solutions for SMBs.
10 Years: Leading financial management platform globally.

How are you different?

Smacc offers unique automation levels by applying deep learning technology to financial processing tasks combined with easy to use software applications to manage all financial workflows end-to-end.

How often does your product/service show up in a user’s day or week?

Smacc is a daily companion for our users.

Impact: how are you doing good and building a better future?

Based on a recent study from the University of Mannheim, 75% of insolvencies of SMBs are caused by poor financial management rather than by poor business models and products. Smacc makes sure that this changes fundamentally. We put small business back in control of their finances helping them to succeed.

How has the startup scene in Berlin changed?

The Berlin startup scene has slowly transitioned from copying B2C, mainly E-Commerce, business models to increasingly target business customers and focusing more on technology as a differentiator. Investors, slowly but surely, start to look at technology and innovation rather than “proof cases” from abroad. But still a long way to go to match US ecosystem.

What are the pros and cons of launching your startup from Berlin?

Pros: Great international talent, great infrastructure from a business and social perspective, as well as (still) affordable prices for doing business in general. A lot of public financing options.
Cons: Still sub-par investment community compared to US/UK.

Bonus Question: Anything else that we need to know about you?

We are hiring! Best talent in tech, data science, finance, and sales gets chance to become part of the team playing for the best club (ever, really).

SMACC was featured in “The Hundert Vol. 10 – Startups of Berlin“, October 2017.

The picture above was taken at:

Schlachtensee

The popular swimming lake Schlachtensee is located to the south-west of the city in Steglitz-Zehlendorf. Boat rental, clean water, and a historic restaurant at its shore make it a popular destination for summer day trips.

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