Blockchain-based fintech platform PayPie launches in beta
PayPie, which is developing a blockchain-based accounting platform complete with cryptocurrency tokens, has launched in beta with a QuickBooks Online integration. The platform’s initial credit assessment and financial analytics insights are live now and available to small and midsized enterprises (SMEs) using QBO as their primary accounting solution in the United States, Canada, the United Kingdom, Australia and India.
The company's initial coin offering completed last October, with $26 million in tokens sold.
PayPie beta allows businesses to connect their QuickBooks Online accounts to the platform, accessing an automated financial analysis of the business's accounts. The platform’s credit risk algorithm evaluates multiple data points based on the company’s financial history and uses blockchain technology to assign each business a unique PayPie credit score. SMEs also receive a complete set of analytics of their financial performance followed by custom insights on how to improve their finances. The software's algorithm is based on blockchain triple-entry accounting to keep the risk score accurate and fraud-proof.
“SMEs have a real need to constantly improve their finances and access affordable financing to maintain a healthy cash flow, but that’s often a challenge that most businesses struggle to overcome,” said PayPie CEO and founder Nick Chandi in a statement. “By partnering with the fintech powerhouse Intuit to deliver a QuickBooks Online integration at beta launch, PayPie instantly enables a service to help millions of QBO users to achieve a transparent understanding of how to improve their finances while also providing them with fast and affordable business financing possibilities to come.”
Chandi is also founder of SlickPie, free accounting software for small businesses.