In a New World of Digitalisation, Unicorns Will Lead the Way

29 April 2021

“You cannot solve a problem with the same mind that created it” – Albert Einstein

Modernisation through digitalisation of the financial industry was always on the cards. The advent of Covid, however, has massively sped up the adoption of integrated processes and leveraging of fintech to allow enterprise to grapple with new economic realities. It is the ingenuities and fresh thinking brewing in today’s start-ups, those with the next unicorn model with brilliant delivery teams, that will help industries innovate and succeed.

Yet, fundraising for pre-Round A companies in the post-Brexit, Covid pandemic world can be a challenge. As money continues to flow, many have noticed the focus on investment has turned to distressed assets. That, coupled with fluctuating risk equations during these uncertain times, has led investors to turn their attention on to ventures where risks may seem lower, but where so are the returns.

A forum with opportunities for start-ups to pitch in front of a global audience that understands the pain points being addressed and the ingenuity on offer provides an influential platform for revolutionary ideas. Women In Payments (WIP) understands this power. Through their work supporting women in leadership roles and women entrepreneurs, they bring a new perspective of ideas and thinking that is much needed. The WIP Unicorn Challenge, pools together investors, professionals and industry experts, and those seeking the next wave of innovation that will redefine the market beyond geographical limitations. The Challenge proved a wonderful opportunity for us at ELEMENTARYb to support such a vital organisation and, of course, showcase our own ideas for the future.

Around the world and in the UK, digitised financial processes and integrated Chief Financial Officer tools are the new ‘hot topic’ for companies with £10-100m of annual turnover. These are midsized market enterprises (MMEs), a target market which is the backbone of economies worldwide accounting for over 1/3 generation of GDP in the UK and 60-70% in emerging economies. Geographic, industry and sub-segment specificities have traditionally made the MME market tough and expensive to service, leading to disintermediation and a reliance on disconnected data, advisors and products. The cost of this disintermediation is material, with SMEs and MMEs spending £5.1bn in excess international payment fees in 2020 alone. Poor access to the right products, overpayments and waste on financial processes is estimated to cost up to 5% of their profitability. This amounts to a whopping £51.5bn per year lost to the British economy.

ELEMENTARYb is a solution to a global challenge, an intelligent financial management platform for midsize companies operating in the tightly linked globalised economy where even small tremors across the world can impact their success.

“As the new economy wakes up to the benefits of digitalisation, we at Eb are optimistic about the positive impact our role will play in bringing resilience and sustainability to British commerce.”

Technology continues to evolve rapidly. Not only across infrastructure such as the cloud making information and services accessible from anywhere and anytime, but also across data. Information access driven by Open Banking and Open Accounting means that critical company banking and financial activity is now available in real-time. User-friendly analytics are being used to forecast and compare scenarios with a few clicks of a button, replacing complex excel spreadsheets with dated macros or expensive business intelligence tools requiring technical resources and specialists ‘super users’. Machine Learning and Artificial Intelligence are being used to find the ‘unknowns’ that fall within the cracks of global operations and alert or provide insights.

Eb is leveraging every single one of these technical developments to help MMEs operate more efficiently. Our solution will put globalised midsize companies back in control of their financial future, optimising and supporting decision-making and growth. Even if we can help save a bit of that 5% profitability lost, it means driving economic growth on a global scale which can have quite an impact!

Eb is delighted to announce that it was selected as the Audience Choice Winner at the WIP Unicorn Challenge. As the new economy wakes up to the benefits of digitalisation, we at Eb are optimistic about the positive impact our role will play in bringing resilience and sustainability to British commerce.

We would like to thank Women in Payments, the event sponsors, and the Unicorn Challenge audience for your support!

Author: Karen Rudich   CEO & Co-Founder