Sweep ARIA

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Sweep is a UK-based FinTech start-up. Sweep specialise in developing financial facilitation services for SMEs and entrepreneurs, catering to their specific finance, travel, expense, and book-keeping needs.There are 5.9 million SMEs in the UK, employing 16.6 million people, contributing to 52% of revenue to the UK economy (Federation of Small Businesses, 2019). SMEs spend on average ~120 working days a year on administrative tasks; for SMEs, 41% of these admin resources are dominated by accounting activities - this figure rises to 46% for small companies and up to 51% for micro firms (Sage, 2018). Accounting tasks are so burdensome to SMEs that 22% of them are willing to leave finances unreconciled and unidentified at the end of each month (Soldo, 2018).Sweep are aligning unique Machine Learning and Intelligent Robotic Process Automation to develop, ARIA, a solution that provides automated financial processes, analysis and insights, helping SMEs and self-employed people to make the most of their data and their time, releasing them from these administrative burdens. ARIA will support SMEs through:1. Robotic Process Automation (RPA), automating financial reporting tasks to save time, increase accuracy and reduce error rates2. Machine Learning-enhanced financial analytics, providing tailored insights for each client, and providing up to date, actionable financial reporting3. Cloud-deployment, making ARIA scalable available as an app or software, without having to build costly infrastructures and re-architect legacy4. Fraud Prevention using Open Banking (licensed and monitored by the UK Financial Conduct Authority) to minimise protect consumers against fraud and other abuses.This project will see the development of a world-first approach to using financial regulations of the Open Banking Framework to develop solutions addressing SME needs. Sweep's ARIA project will create a financial process, reporting and insight solution in the UK for 5.9million SMEs to be better able handle their financial reporting, cash-flow planning, and give them financial confidence in uncertain times.