CrediWire is a platform for financial optimisation for companies and their advisors. The platform aims to improve collaborations between companies and advisors by ending a retrospective and sporadic status quo.
The collaboration between companies, banks, and accountants has not undergone significant changes in the last decades. But the reality for companies is constantly developing, and they need optimised processes and more operative consultancy.
The banks and the accountants face the same reality and want to offer smarter solutions as well as automise manual processes in favour of operative consultancy. It is this transformation that CrediWire facilitates.
“It is actually quite simple: We want to help create stronger companies,” Nicholas Meilstrup, CEO at CrediWire, says and continues:
The challenge facing financial consulting is that today, most companies meet with their accountant, bank, or board on scheduled times and look back. On our platform, all financial data is continuously compiled, and this makes it possible for companies to obtain real-time financial consulting from all their stakeholders.”
Applying for an overdraft is an excellent example of how Crediwire facilitates the collaboration between a company and an advisor.
Financial optimisation in times of a crisis
CrediWire’s real-time financial data makes it possible for companies to react faster and more precisely in collaboration with their accountant or bank. CrediWire proved this to be true when Covid-19 struck.
They reacted fast and developed a calculation-tool free of charge, which provided companies with an overview of the financial aid packages relevant to them. Simultaneously, CrediWire automatically compiles and sets forward all of the necessary documentation for the companies.
“So far, more than 2,000 Danish companies have used CrediWire to navigate in the financial aid packages. This is an excellent example of the importance of having your financial data at your fingertips,” Nicholas Meilstrup states.
Better decisions with industry benchmarks
CrediWire requests its financial optimisation platform to offer more than merely an overview of companies’ financial performance. When evaluating results, perspectives and benchmarks are essential, and therefore, the platform also provides industry-specific benchmarks. By doing so, the companies and their advisors can put their tangible results into context – and improve their business based on this.
“If you want to be a better badminton player, you can’t settle for playing on your own. This also applies to companies and their economy. Therefore, our customers and their stakeholders can benchmark key performance indicators with similar companies’. It is almost impossible to make the right decisions if you cannot compare your reality to others’,” Meilstrup says.
Last year, 1,000 SMEs used CrediWire’s platform. In February, this number had doubled to 2,000, and today, more than 6,000 SMEs use CrediWire for financial optimisation.
“We’ve become more competent in communicating what we do and carry out what we want to. The platform has become much more user-friendly and is constantly developed. We are actively looking towards the rest of the Nordic region, now we just have to do more of what we’re already doing,” Meilstrup says.