Marko Voutilainen, co-Founder & CEO Attido: Aico, a modular fintech robotics tool, is an answer to keep Finance close to HQ decision-makers
This blog series is dedicated to Cash — from startup’s to corporate treasuries.
Keilaranta 8, opposite to Rovio Entertainment, is home to our Customer, an interesting fintech modular robotic provider, Attido. Attido was founded in early 2000’s, but since 2015, it found a brand new gear with Aico, a Financial Process automation and robotics platform.
Juuri Partners, a Finnish private equity, made an investment in Attido in 2016. Attido aims to be a global market leader in Financial Process automation and robotics in 2022, which seems quite promising at this point. In 2018, Attido will launch Aico Research Lab to deepen robotics research further with its customers.
It’s one of the most beautiful Thursday’s in October. Golden sun is shining over Keilasatama and yellow trees are throwing light shadows over the Gulf of Finland. Marko Voutilainen, co-Founder and CEO at Attido, and football manager at his free time, has had a busy summer. We are sitting in Marko’s room, which he is sharing with his colleague Attido’s COO. Kalpa’s (a Finnish ice-hockey team from the east part of Finland) yellow shirt is hanging in the front room and his demeanor is relaxed, as always.
”We provide ERP integrated Financial process automation, which is kind of productized robotics, for mid and large-cap companies. We began to create it based on our customers needs: in 2008, a group of stock listed, large-cap CFO’s asked us to provide an ERP integrated solution to automate and improve control rule-based processes. We started with three people and life was easy at that time! In those days, we did not need leadership models and strategies”, Marko laughs. ”Today, we employ over 100 people based in Finland and Latvia. Aico automation is advanced, it can save from 50% up to 90 % time, compared to manual finance processes.”
The robotic process automation market is growing rapidly, 50–60% annually. Finance functions are under significant pressure across all industries. Many are concerned that technology will eliminate jobs, while in fact, it will eliminate the most time-consuming, manual processes that prevent accountants from delivering the analysis. This shift is a necessary one, as the amount of financial data continues to increase and the pressure in finance functions is increasing.
”Our solution is a new investment to our customers. The whole solution provides automation from dashboard to workflow and intelligent automation. The most significant automation requirement at the moment is account reconciliation, internal invoicing, invoice accruals, journals, manual payments and assignments like ticketing and integrated electronic platforms”, Marko explains enthusiastically.
”We are targeting strong growth. We’re in SaaS business model, where R&D costs are generated up front, while subscription revenue goes over an extended time. Scenario-analysis, SaaS metrics and cash forecast are very important for us to support business decision-making.”
Based on my experience from corporate treasuries and finance, I can only agree. Cost and control pressures are high. At the end, all business and material flows are realized through finance and cash flow. That’s why is important to keep finance close to decision-makers. Robotics and standardized fintech products like Aico are an answer to value-added analysis and KPI’s but also to keep finance close to headquarter decision-makers.
The author is the Founder of BackedByCFO, CFO As A Service from seed to IPO and passionate to help CEO’s with cashflow, fintech and metrics.