E-commerce financial management

Kata.io introduces a full-service financial platform for e-commerce to simplify financial management and expense control.

The US startup, which supports a financial ecosystem for e-commerce businesses, has officially released its service in its native North American market.

The service seeks to simplify financial management for e-commerce teams through the provision of financial oversight tools.

E-commerce businesses that engage with the service will be provided with the automation and insights necessary to enable efficient company growth.

The platform came into being as a result of the founders’ mutual frustration in finding a suitable service for their e-commerce business, as reportedly none of the existing solutions were able to meet their needs.

Nik Zimarkov, CEO, Karta.io

Speaking on the forces that led to the platform’s creation, the company’s CEO, Nik Zimarkov, admitted that “banks didn’t speak our language, and they still don’t.”

“We were fed up with how slow banks and services were, tired of trying to manage a bunch of narrowly focused services that don’t offer a big picture,” continues Zimarkov.

The company soon realised that it could automate much of the manual work that was blocking it from scaling rapidly.

“That’s why we built Karta.”

The solution offers business accounts, virtual cards, spending rules and real-time expense tracking.

This combined offer enables teams with traceable and secure payments, giving business owners a holistic view of their business spending.

With the global e-commerce market projected to reach $6trillion by 2024, maintaining financial records has become increasingly challenging.

In the US specifically, where the new service has made its debut, the situation is experiencing a 16.1 per cent growth rate; putting the market on track to reach $1.06trillion this year.

While transactions continue to grow in volume, keeping track of daily purchases and subscriptions has become ever more complex; sabotaging business costs on processes, departments, software and control.

“Our goal is to reinvent the way e-commerce businesses spend, freeing up cash flow for growth,” notes Zimarkov. “Banks are not designed for e-commerce, but Karta is.”

Image and article originally from thefintechtimes.com. Read the original article here.