We were interviewed by Winnovart on our recent funding from Innovation Norway. Please find the original post on winnovart.com:
At Winnovart, we regularly promote European innovation champions, game-changing organisations in their sectors, as well as established industrial players looking to work with innovative technology companies. We are proud to contribute to their stories, by doing what we know best – accelerate their access to funding.
We are introducing Allevo – a Romanian innovator specialized in software solutions that helps banks, companies, microfinance and the public administration process financial transactions and achieve compliance. The company uses agile methods in the software development lifecycle process, leveraging a long-lasting customer intimacy relationship and easing access to the newest technologies. They are a successful beneficiary of the EEA & Norway grants.
Allevo creates open software for financial flow automation, bundles with support services and a complete outlook over the development process. Their purpose is to increase the number of companies who succeed with better financial management by distributing the company’s products under GPL v3 open source license and by using the expertise built over the last two decades to craft well-designed software solutions.
To support and accelerate their work the company applied for a grant to enhance the financial inclusion for the business ecosystem, i.e. banks, financial service providers and SMEs across Europe in terms of harmonised communication over a well-built open banking layer. Using artificial intelligence (AI) and machine learning algorithms, Allevo creates extra value to data gathered by banks and provides customers, individuals or corporates with products tailored to their needs. This allows companies to keep a lean infrastructure, avoid buying licenses and maintaining software only used to complete a slim list of tasks, while attracting more users with a pay as you go model.
“At Allevo we strongly believe in developing open applications for customers to stay abreast and address swiftly and collaboratively industry moves such as real-time payments and better intraday management of liquidity and assets. We have had a successful history of achieved milestones we are proud of, whereas only in 2019 alone: National Winner in The Award for Innovation (0-25M turnover) category at the European Business Awards 2019; Partnered with WSO2 to provide open banking solutions in Romania; Allevo selected in BCR-InnovX Accelerator Program for Scale-ups, etc. The Whizzer project under the EEA & Norway grants opens up an opportunity for Allevo to extend our open business model by delivering functionalities as a service, bringing various perks to our customers.”
In 2018 Allevo applied for funding under the EEA & Norway grants in Romania, receiving a grant of 420k EUR. The project is currently in implementation.
For the Whizzer project Allevo partnered with the technology-driven design studio Bakken & Bæck to design and develop an open source software solution that offers financial operations as a service to SMEs. This helps SMEs automate and centralise common financial flows: balance sheet, salary payments, invoicing, and money flow automation, accounts payable and receivable, cash reporting. Automating the financial processes while also fixing them provides users with control on their data and financial decisions.
If you are looking for European grants-funding options (including the EEA & Norway grants) to support the development of your company, keep an eye on the funding schemes we are promoting, share your project idea with us for a free funding readiness review from our side, or contact us here directly.