re:cap

The depth and quality of Bank Account Data from GoCardless allows re:cap to generate powerful cash management insights for its customers.

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Funding and financial insights platform

GoCardless Bank Account Data

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Open banking meets AI to fuel smarter growth

re:cap is a financial insights and funding platform for fast-growing companies.

Its liquidity management software helps businesses to make smarter decisions by turning their bank account transactions into actionable insights. It also uses those insights to connect them with funding sources tailored to their needs.

“Everything we do is based on customers’ raw transaction data,” said Jonas Tebbe, Co-founder & CPO, re:cap. “But our speciality is building models and generating insights – we don't want to focus on getting the data itself. So we use Bank Account Data from GoCardless to access high quality open banking transaction data, leaving us free to do what we do best: providing customers with the actionable insights they need to grow.”

Data quality matters

re:cap’s custom built, multilayer models combine the knowledge of its in-house underwriting and finance experts with AI to automatically categorise customers’ bank account transactions.

We built our models in-house because we weren't satisfied with third party solutions that tended to be trained by people who didn’t understand the complexities of our data as well as our experts. We benchmarked them against others in the market and ours are more accurate due to this expertise.

This powerful setup delivers a deep, real-time understanding of financial health, cashflow runway, and spending trends, as well as the ability to manage risk in its financing portfolio. But the models’ success hinges on data quality.

“The better the data, the better we can train our model to automatically categorise spending and the less manual work there is for us or customers,” said Fritz Finken, Senior Product Manager, re:cap. “GoCardless was the only provider we found that could consistently provide really clean, high quality data.”

Lean and efficient

The automation enabled by Bank Account Data has enabled re:cap to stay incredibly lean. Indeed, Jonas believes the business would look very different without it.

“What we do right now would be impossible without GoCardless,” he said. “We have around 50 people serving 2,500 companies, and we can only operate at that level because of the underlying automation.”

If we used the old school manual credit business model, without automated Bank Account Data, we would easily have at least four times the headcount - so GoCardless is a big part of keeping our FTE costs down.

Far reaching and real-time

GoCardless’ Bank Account Data is more than high quality. It’s also far reaching and real-time. This gives re:cap even more space to focus on tuning its models and serving customers, and the scope to grow internationally.

“We are on a continuous journey to expand our offering, which means we also need to expand our access to data,” explained Jonas.

GoCardless gives us the most precise data and the widest bank coverage. It doesn’t matter who the customer banks with or what that bank’s API looks like, GoCardless takes care of it all, along with any accompanying regulatory requirements.

"Whatever market they’re in, it takes our customers about a minute per bank account to connect with our platform, and that's it. From then on we have ongoing access to all the data we need," said Jonas.

“GoCardless has the broadest coverage and now we have a really strong foothold in Germany, the Netherlands, and the UK,” added Fritz. “We also have customers, for example, in Spain, Portugal, and Poland, all thanks to the data we get from GoCardless.”

Up and running in two weeks

re:cap was up and running with Bank Account Data in just a matter of weeks.

“The onboarding process was super smooth, and it took just one backend and one frontend engineer around two weeks to implement,” said Fritz. “This was way quicker than comparisons we made with other solutions.”

It helped that the detailed documentation and strong support from GoCardless meant there were no surprises.

“When we started implementing Bank Account Data it all turned out to work exactly as described,” said Jonas. “Everything was nicely documented, and if we had any questions we could speak directly with the engineers at GoCardless. The team there is always well informed and willing to dig deep to help us find the answers. That makes a big difference.”

Only scratching the surface

re:cap’s sights are now set on accelerating innovation. Its models will continuously improve as open banking matures to allow Bank Account Data to provide more and better transaction information.

“With more data our models get increasingly better and we can go deeper with our insights – we’re only scratching the surface of what they can do,” said Fritz.

“Our collaboration is growing and we’ve started to have a real exchange with the GoCardless team to share our expertise about the different ways Bank Account Data can be used,” added Jonas. “That makes me feel like we’re only just at the beginning of what this partnership can achieve, and I’m looking forward to many more years of success.”