In a brand new five-part collection, the SaltWire Community delves into a number of the hottest startups in Atlantic Canada. Every story focuses on three startups shaping an space of the entrepreneurial economic system. Half 4 focuses on fintech startups.
PART 1: Three corporations shaping Atlantic Canada’s well being and health startup scene
PART 2: Three corporations shaping Atlantic Canada’s meals tech startup scene
PART 3: Three corporations shaping Atlantic Canada’s inexperienced tech startup scene
What’s the startup
Riddl has developed a cloud-based platform to trace the end result of so-called affect investments — spending by corporations or non-profits meant to enhance social or environmental points. The Fredericton startup’s software program crunches information and determines whether or not an funding has sparked change associated to varied causes, together with well being, poverty, training, local weather change and gender fairness. The thought is to assist buyers make selections that may result in higher returns and larger social change.
The origin story
For years, entrepreneur Jenelle Sobey puzzled about one of the simplest ways to unravel complicated social issues. “It began with a curiosity,” says Sobey, the founder and CEO of Riddl. “Everybody who works inside affect work is aware of that there’s problem measuring and quantifying outcomes.” Sobey wished to give you a method to consider the affect — each social and monetary — of investments. It was her drive to unravel the riddle of easy methods to measure the affect of investments that led to the launch of Riddl.
The way it works
The Riddl platform permits customers to trace funding information, share the data, and use built-in analytics to calculate the social return on an funding. For a corporation engaged on a social or environmental problem, Sobey says Riddl is an easy-to-use device to trace the affect of an funding and share that information with funders. For an investor, she says the software program helps them perceive the social and environmental affect their cash is having and make selections about the place to spend sooner or later. Organizations will pay $49 a month for a primary membership plan, or $79 for a premium plan. For an investor, the fundamental plan is $199 a month, whereas a premium plan is $399 a month.
Who’re the purchasers
Sobey says the Fredericton startup is presently targeted on the non-public market, together with wealth-management companies, affect funding companies, and the company social duty divisions of corporations. The platform is geared towards each not-for-profit and for-profit ventures. “If we will construct the world’s largest database of efficiency metrics, we’ll be capable to actually perceive what indicators, what investments and what organizations are literally transferring the dial on solvingthese robust issues. The intention is to verify the cash will drive actual change.”
What’s the startup
Halifax-based Finazz has developed a cloud-based monetary evaluation software program for small companies. Entrepreneurs add monetary statements to the net device, and a complicated algorithm analyzes the info and offers insights. The software program examines the present month and in addition offers a month-to-month evaluation to assist information choice making. The net device is suitable with most accounting software program in addition to Excel spreadsheets. After a free trial month, it’s $34.99 a month, or $349.99 for a yr.
Finazz goals to take the thriller out of monetary statements for small enterprise homeowners, says co-founder and CEO Laurie Sinclair. She says the thought for the startup stems out of her position as a chartered skilled account working with entrepreneurs. “What I discovered in my years of working with entrepreneurs is that they have a tendency to not have a enough quantity of monetary acumen to make the suitable selections to make sure the sustainability and progress of their enterprise,” she says. But it surely wasn’t only a lack of fiscal savvy that spurred the creation of Finazz. “The opposite a part of the issue is that many entrepreneurs have a tendency to not take pleasure in that facet of their enterprise. Having to handle the accounting and monetary choice making of the enterprise is extra of a have-to-do then a want-to-do.”
Who’s Finazz for
“Our market is entrepreneurs all over the place,” Sinclair says. Along with concentrating on small enterprise homeowners, she says the software program can be ultimate for bookkeepers and enterprise consultants who work with entrepreneurs. “They will have a licence for his or her group of purchasers,” Sinclair says. “The device will assist them present entrepreneurs with higher steering round their monetary decision-making.”
The way it got here collectively
It took years to get Finazz from an thought to a marketable product, Sinclair says. She teamed up with fellow CPA Karen Lightstone, co-founder of Finazz and an accounting professor within the Sobey College of Enterprise at Saint Mary’s College, to develop the thought. Collectively they introduced in a pc tech skilled who constructed the technical platform of Finazz and did all of the coding. Additionally they concerned a 3rd accomplice, a minority shareholder, who’s an IT safety specialist. “It’s taken us three or 4 years to develop the device as a result of we constructed it from scratch,” Sinclair says. “We’ve constructed it contained in the Microsoft server nevertheless it’s fully custom-made.” She says the software program has hundreds of knowledge analytics and explanations that present enterprise homeowners with perception and steering.
The underside line
“I work on a regular basis with entrepreneurs in many various capacities and I’ve discovered that this can be a massive ache level for a lot of,” Sinclair says of the monetary selections enterprise homeowners face. “We constructed this very a lot in response to a necessity that I actually see each day with all of the entrepreneurs that I work with. It comes out a few ardour to assist develop our entrepreneurial ecosystem.”
What’s the startup
SnapAP is a Dieppe, N.B., startup that has created a web-based software program within the so-called procure-to-pay area that streamlines the procurement and accounts payable course of for corporations. The cloud-based platform “finds efficiencies in easy methods to pay an bill and easy methods to get it authorised and get it out to the provider,” says SnapAP founder and CEO Jean-Daniel Drapeau.
The way it began
Within the early 2000s, Drapeau began an organization that specialised in course of enchancment consulting inside the mining sector. The expertise uncovered him to inefficiencies in the best way corporations deal with suppliers, from the onboarding course of, sending buy orders, invoicing and funds. After a profitable exit from his first startup, Drapeau launched his second startup — SnapAP. “The differentiator behind our software program is we have now a method to mechanically onboard the provider inside the procurement-to-payment circulation,” he says. “We not solely streamline these monetary operations, however we save corporations money and time by ensuring invoices are right and full the primary time they’re entered.”
Who’re the purchasers
Thus far, most of SnapAP’s purchasers are within the mining business. However Drapeau says that’s largely as a consequence of his background and contacts in that sector. “The system will not be tied to the mining world,” he says. “It may actually be used throughout the board.” Drapeau says the startup now works with a telecom firm, and is more and more concentrating on the small- to mid-size enterprise market. Purchasers are based mostly in Canada, the U.S., Australia and the Maldives. The startup can be partnering with monetary establishments, and is within the means of doing a pre-seed spherical of fundraising.
“We mainly bootstrapped the event of SnapAP,” Drapeau says. “We stayed small for so long as we may however we’re now rising.” The startup just lately revamped its software program, transferring it to the Cloud and including automation and new options. Drapeau says that is to assist break into the SME market. SnapAP will likely be hiring within the coming months to maintain up with demand and meet its progress forecasts, Drapeau says.