About

Squaredev offers a series of fintech solutions based on Open Banking (PSD2), that allows businesses to empower their processes or customer solutions, with embedded financial tools.

Solution & Product

Account information: Our streamlined API offers account information across the 4 Greek systemic banks (Pancreta Bank and Optima Bank to be added soon). It is specifically designed for SMEs that need to integrate, in real time, banking transactional data with their back-office applications or need to allow their customers to share account information data with them. Check out more info here: https://www.squaredev.io/solutions Transaction analytics: We have built a powerful analytics engine, called Wyre, which uses neural networks to classify (bank account) transactional data, offering valuable insights, like income identification, expenditure categorisation, identification of recurring payments, description normalisation and more. Check out more info here: https://www.squaredev.io/solutions Bank reconciliation: Automation of reconciliation between bank transactional data and accounting software. Learns from user selections and automates ERP entries. See more info here: https://www.squaredev.io/solutions

Innovation & Scalability

Our analytics engine, called Wyre, uses state-of-the-art neural networks to classify bank transactions, and has been trained on 5 million transactions. We have reasons to believe we currently own the best bank transaction classifier in the domestic open banking market. Our account information API, that stands between the banks and the end customer, uses a lighting-fast graph database architecture (based on Neo4J) that can process user inquiries 60% faster than standard database-relational-based APIs. We use explainable AI (XAI) to explain the decisions of our algorithms, to both our customers and the end customers.

Traction & achievements

For each of our solution, we are currently serving our first clients. We have received 3 grants in the context of the Horizon 2020 framework and accepted for two more, starting next year, where we contribute using our fintech solutions and expertise in AI/ML. We have also signed our first partnership with one of Greece's biggest enterprises, where we help them to build a fintech solution for their customers using a combination of our solutions. Lastly, we have worked together with one of the 4 systemic Greek banks to improve our classification algorithm.

Team & Why Us

Our team is located and growing in two countries, Belgium and Greece. From there, we plan to geographically expand around those two countries. Our team is also experienced in writing EU proposals (in the context of Horizon Europe), which allow us to bootstrap on these grants. A barrier we see, is the complexity of, and the time needed to prepare and apply for AISP and PISP licences which will eventually allow us not to be based on external providers and provide better solutions/services ourselves.

Funding Needs

No funding needs at the moment, although we would consider mutually beneficial proposals that would help us scale more aggressively than planned.