Country: Poland

Category: Fintech

Project Aim: Verifying companies credibility based on more current (1 month old) and reliable (source of data about transactions) data. The whole process is automated and machine learning algorithms are introduced.

What is the problem to solve?

In our core team, we combine strong financial and IT skills. We have two statutory auditors and Data scientist on board. Basing on our experience in corporate finance we are aware that there is an information gap on the market about the financial standing of micro and small companies in Poland. Our innovative products can solve this problem.

What does ZWERYFIKUJFIRME.PL do:

In ZWERYFIKUJFIRME.PL, we analyse financial data from Standard Audit File for Tax (SAF-T) to conclude about current standing of companies. Standard Audit File for Tax is an international OECD standard introduced in seven European countries so far.

What did ZWERYFIKUJFIRME.PL accomplished?

We have already entered the market with a product for statutory auditors – a tool to support financial audit process. Right now, we are developing our products for financial institutions in cooperation with one of the biggest banks in Poland. We are working as well on an internet platform for companies seeking reports that automate most time-consuming audit procedures.

It is the first time in the history when there is such huge amount of unified financial data available. We wait for the chance to be the first player on this market.

On What ZWERYFIKUJFIRME.PL is currently working:

We are currently working on four innovative concepts (all of them are based on the same mechanism):

1. Intermediation between companies seeking to verify counterparty’s credibility: we will provide reports summarizing main financial indicators of verified company retrieved from its SAF-T files.
2. A reliable certification program for companies: basing on data from SAF-T files, we will present a list of financial data characterizing company that seeks our certificate to prove its credibility.
3. A tool to assess creditworthiness both potential clients and for periodical credit standing review of debtors: having more current data about clients, the financial institution will be able to react quickly to worsening situation of debtors. Moreover, as a response to the new requirements of IFRs 9, we offer a possibility to monitor current standing of borrowers and apply prospective look in establishing impairment of loans basing on most current and reliable data from SAF-T files.
4. Tools to support financial audit process, both internal and external: we offer excel reports that automate most time-consuming audit procedures.

CEO’s testimony:

For me as CEO of Zweryfikujfirme.pl, winning StartUp Europe Awards 2017 in FINTECH category in Poland shows that our business idea has gained recognition. It gives me the certainty that we can successfully solve real problems that our clients are facing, and we can provide them with the most desirable commodity in XXL century – with most current information.