wflow

Based in Prague, wflow is a fintech company specializing in the digital transformation of accounting and expense management for businesses. Founded in 2018 by Robert Soudný and David Groh, the firm was established to address inefficiencies they observed in traditional accounting, leveraging their decades of combined industry experience. Soudný's background in accounting and finance and Groh's expertise as a CTO have been instrumental in shaping a product tailored to the needs of finance departments.

The company's core offering is a cloud-based platform that automates the entire document workflow, from collection to archiving. It serves a diverse client base, ranging from small businesses and startups to large corporations and prominent accounting firms, such as BDO and Grant Thornton. wflow's business model is subscription-based, with pricing tiers determined by the number of documents processed and users, alongside tailored enterprise solutions. The platform makes money by charging monthly organizational and per-user fees.

wflow's service digitizes accounting by automating the processing of financial documents. A key feature is its use of AI technology from partner Rossum to extract data from invoices and receipts uploaded via mobile app or email, which can reduce manual data entry. The system facilitates customizable approval workflows, allowing documents to be reviewed and approved by multiple stakeholders directly within the application. Once approved, data is automatically posted to the client's existing ERP system, with wflow integrating with over 50 different accounting software solutions. All documents are stored in a secure digital archive compliant with EU legislation. For expense management, the platform offers smart employee cards that automatically record expenses and allows management to set spending limits.

Since its inception, wflow has achieved significant milestones, processing over 370,000 documents monthly for more than 6,000 companies across 18 countries. The company secured an angel investment of $365K in January 2021, followed by a seed round in February 2022 from investors including Seed Starter ČS. With offices in Berlin and Bratislava, wflow is actively planning further international expansion.

Keywords: accounting automation, invoice processing, expense management, digital transformation, document workflow, fintech, B2B SaaS, data extraction, approval workflow, ERP integration