We did it! CaFE awarded prestigious prize by Fintech Scotland

All of us here at CaFE are thrilled to announce that we have been awarded a prestigious £50,000 prize from Fintech Scotland.

This remarkable achievement marks a significant milestone in our commitment to delivering cutting-edge financial solutions, in particular through our cash flow forecasting and budgeting products.

Fintech Scotland is an organisation dedicated to fostering innovation in the fintech sector. The judges recognised our outstanding potential to harness the power of Open Banking data, ultimately benefiting small and medium-sized enterprises in the national economy.

Through our collaboration with key partners, including Smart Data Foundry, NatWest and Virgin Money, we demonstrated how Open Banking data could be used to go beyond basic transaction information to provide a wealth of invaluable attribute and benchmarking insights.

Some of the ground-breaking insights made possible by this innovative approach include:

• the categorisation of fuel consumption for carbon footprint analysis
• positioning of industry trends
• examination of past profit and loss results
• forecasting future trends in money flows by industries.

Business owners can now gain a deeper understanding of their financial performance in comparison to their peers, while their banks will be better equipped to provide tailored advice for business growth.

Elaine McLaughlan, Core Capabilities Lead at NatWest Group commented: “We’re excited to see the ideas that were showcased through the challenge”.

This prize is a testament to the dedication and innovation of our team. We too are excited about the opportunity to make a positive impact on small and medium sized business in Scotland and further enhance their financial success. We are also looking forward to strengthening our ties with Scotland, a hub of expertise and talent in the fintech sector.