Subaio launches service for business accounts

Innovation is in the DNA of Subaio. So now the Danish fintech has built a subscription management service for business accounts. Challenger bank Lunar has already launched it.

Do you know how many subscriptions you as an employee have access to in your company? Think about it. There’s Slack, LinkedIn, DocuSign and many more. The answer is eight. At least that is the number if you look at the average business of any size according to a 2019 study from Blissfully.

30% of these types of subscriptions are however not being used according to Gartner. This is a huge waste of money.

“We’ve interviewed numerous companies about their subscriptions, and they all say the same – none of them have an overview of their subscriptions. And it’s getting worse. That’s why we’ve built the new subscription management service for businesses,” says Thomas Laursen, CEO of Subaio

Alerts about changes

The new subscription management service crunches the payments from a company’s business accounts. It then shows all the recurring expenses. No manual labor. No rigorous updating of new subscriptions. No work involved from the business. Subaio’s service does all of this automatically. The white label subscription management service for businesses includes:

• Overview of all recurring expenses.
• Savings potentials.
• Alerts when a payment is changing.

A lot of research and customer interviews have been put into the new feature. But the integration has been quick as the new service has already been launched with the first partner in the shape of the challenger bank Lunar. Jacob Faber, Head of Lunar Business, says about the new feature:

“We know that subscriptions are one of the major expenses for small businesses, which is why we are excited that, together with Subaio, we can provide an overview that entrepreneurs cannot get elsewhere. It provides an opportunity for the businesses to better manage their money in the Lunar app, and that is precisely our goal. To provide entrepreneurs with the best digital tools.” Subaio’s CEO, Thomas Laursen, is proud that the new product has already been launched, and it doesn’t come as a surprise that Lunar has taken the lead in getting it to market.

“By launching this solution Lunar has again shown that they are a really innovative bank. That they are constantly looking to solve customer pain points. Giving businesses a subscription management tool in their bank interface does exactly that,” says Thomas Laursen.

Expanding client base

The subscription management service can be used by companies of any size. But with the current growth in the small to medium enterprise (SME) segment this is a natural place to focus first. Companies with less than 200 employees are thus spending more than 1.800 euro a year on subscriptions per employee. With 30% of subscriptions being unused there’s a huge savings potential in this segment.

Subaio is still a pure white label service. This means that the company provides the data infrastructure around detecting recurring payments through transactional data for other companies that focus on the SME segment. The same way that it has done with its consumer product that is live with eight different banks like Nordea and ABN AMRO. The new product can thus be integrated by banks, but it could also be valuable to accounting systems, cash management systems and similar companies.

“We see a huge potential in this market, and the benefits in understanding the data behind recurring payments for both consumers and businesses seem endless,” says Thomas Laursen.