Founded last year, this new Dublin -based company wants to help SMEs to understand the story behind their finances using a service with AI.
When it comes to the integration of AI, there is much to talk about. At this point, artificial intelligence has reached almost all sectors, industry and discipline.
From the automation of tedious processes to the support of central commercial activities, this topical technology has appeared in various functions of modern society.
Banking is no exception. However, a new company based in Dublin, and our last start -up of the week has developed a banking service with AI with a unique objective in mind.
Narrative Banking has developed Finley, an application that uses open and generative bank (Genai) to support small businesses with their finances.
“We are moving beyond the transactional interactions to restore the valuable guide driven by the relationship once the core of the bank, supercharged by AI,” says co -founder and CEO PROF Michael Downling. “Finley not only shows numbers, helps SMEs to understand the story behind their finances and actively create their next growth chapter.”
As begins
According to Dowling, the Founding Team of Narrative Banking combines “a deep academic vision with a proven commercial execution.”
Dowling is a Professor of Financial Technology at the University of the City of Dublin who has specific experience in AI, while the co -founder Dr. Yulia Plaksina has extensive experience in product leadership.
Before co -founding the narrative banking in 2024, Plaksina had leadership roles in Fintech Chasing Returns, which was later acquired by Stonex. He then joined Stonex as director of Performance Analytics, where she directed the development of her first Genai product.
“This mixture of forecast of AI and practical experience of Fintech B2B is the basis of narrative banking,” says Dowling. “We also have incredible luck with the rest of the team, which provides experience in the commercial implementation of large -scale products, in the development of fundamental models and the design of modern applications for user participation.”
Technology
As Downling explains to Siliconrepublic.com, Finley works for the leverage of the safe Banking APIs open to access and interpret transactional data of “Virtual and any bank account”.
“True magic happens next,” he says. “We use a sophisticated set of generative and tight models, operating within the solid security frame or Microsoft Azure.
“These models not only process data; they are convincing, easy to curious about the financial activity of a company. This transforms unprocessed transactions into processable ideas, helping SMEs to understand their financial position and identify.” “
The initial approach to the new company is in the European banking sector of small businesses, which Downling describes as “very unattended.”
“We have seen a dramatic decrease in SMEs that they borrowed in Europe, half in Ireland only during the last decade,” he explains. “It is not just about access to capital; it is or driven by SMEs fighting to articulate a clear growth narrative amid constant economic pressure.”
The narrative bank hopes to close this gap by associating with banks to “rekindle growth ambitions within SMEs helping them to understand and communicate their financial history.”
“For banks, this unlocks significant potential, since growing companies naturally require more financial products and services,” says Dowling.
How is it
Despite having been established last year, the narrative bank has already achieved some considerable milestones. Last year, the new company obtained € 600,000 in funds prior to the seeds through the Enterprise Ireland marketing fund, while last month launched a pilot financed in the Irish market, a “point of critical validation for Finley”, according to the decrease.
In the future, the start -up is planning a pipe for more pilots throughout Europe and is now soft of a seed round of 2.2 million euros, with the aim of a closure in the fourth quarter of this year.
“This financing will be fundamental, which will allow us to accelerate the development of Finley for personal banking, the transition of our Pyme solution of the pilots to complete commercial contracts and strategically expand our central team to boost this next phase of growth,” says Downling.
As for the final objective, Dowling says that the narrative banking team wants to integrate the “powerful financial narration” throughout the banking scene.
“Finley for SME is just the beginning,” he says. “We plan to extend this capacity for conversational to transform personal banking, heritage management and beyond.
“We believe that our unique experience in the elaboration of financial narratives is essential to build more attractive, support and, ultimately more effective for everyone.”
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