This week I would like to highlight one of our startups in Urban ICT Arena – Asteria.
Asteria is a FinTech company based in Stockholm, Sweden. The company has developed an engine that scans for cash flow improvements, helping you stay one step ahead. They call this Smart Cash Flow. The engine scans for improvements on a daily basis to help you manage liquidity surpluses and deficits by using artificial intelligence and big data to make forecasts of future cash flows. Users are given unbiased analysis of their invoicing.
Asteria was one of the winners in the Ericsson Garage challenge this summer when they challenged startups tackling the Sustainable Development Goals in smart manufacturing, sustainable transport and data security/identity management in an IoT ecosystem.
This was a rare chance for startups to win technology incubation with the global network of #EricssonGarage, unlimited access to Urban ICT Arena – and an express pass to a final decision investment meeting with Capital A Partners and their partner fund, Butterfly Ventures.
So why do I want to highlight Asteria?
Asteria has their entire architecture in our Founding Partner IBM’s Bluemix. The reason for this is because it is a flexible platform that gives them access to everything they need, including hosting, storage and technology. This is a good example case of the benefit of using IBM’s Bluemix. Developers now extensively prefer open source, and, to my knowledge, that is what Bluemix offers. In addition, some of their bank customers work in the same architecture, which makes things easier, of course.
David versus Goliath
Today we see that many companies want to drive innovation, and banks are no exception. But delivering new solutions and finding the right business model is challenging. This is why many banks turn to fintech startups like Asteria for inspiration and collaboration.
The newly established fintech companies often have the skills and creativity to develop new technical solutions that disrupt traditional banks within several areas. However, fintech companies lack access to a decisive component needed to succeed in the digital world – the valuable data. The banks, on the other hand, have large amounts of data, which opens the door for win-win collaboration, where both parties really can gain a lot.