When it comes to managing receivables, companies are often facing challenges. The Potsdam-based startup VEITA wants to use its software to help companies keep an eye on cash flow, ensure liquidity and strengthen customer relations. In the 20th edition of MTH Unboxing, the three founders Matthias Körner, Pierre Stengel and Richard Einhorn tell us how this works.
MTH Accelerator: What did you do before VEITA?
Matthias: I worked as a management consultant at FTI-Andersch, one of the leading restructuring consultancies in Germany. I was involved in developing digital products and advising companies in crisis situations. My expertise was in working capital management and purchasing. This is where I met my co-founders Pierre and Richard.
Pierre: Before founding VEITA, my career spanned 15 years; I worked for over 10 years in restructuring consulting at KPMG and FTI-Andersch. In 2016 and 2017, as VP of Operations, I helped build an internet marketplace for brokering local services. Most recently, I was Managing Director of Andersch Digital GmbH, a spin-off of FTI-Andersch that focuses on digital innovations in the restructuring environment.
Richard: I have long been interested in digital business models and how companies can make sense of ever-growing amounts of data to take better decisions and satisfy their customers. I worked in e-commerce, within the digital operations team of a large commercial bank, and most recently at FTI-Andersch.
MTH Accelerator: What do you enjoy doing when you’re not working at VEITA?
Matthias: I love jogging or hiking in nature and discovering new places. I also workout at the gym or play squash.
Pierre: In my free time I like to hike, ski, and travel with my family.
Richard: I follow tech trends, do a lot of cycling, and backpack around Europe.
MTH Accelerator: What is VEITA?
VEITA: With VEITA, we help companies get paid on time. At the heart of our software is a digital assistant that supports small and medium-sized enterprises in managing receivables (i.e. processes relating to invoices, disputes, and payments). With our easy-to-use online solution, we cover the entire receivables process, from the moment the invoice is issued to full payment.
Often, a good understanding of one’s receivables is already a step towards improving one’s liquidity. This is the reason why VEITA offers coherent structures, helps companies gain more transparency regarding their key figures, and increases the speed with which reminders and payment reminders are processed. This means that it is always clear which things are going well––and where there is potential for improvement.
With our additional services––such as connecting factoring and collection service providers, offering training on receivables management, or helping with payment allocation––we also offer our customers tailored solutions that enable them to manage all matters with a single software.
MTH Accelerator: Why the MTH Accelerator?
VEITA: As a startup from Potsdam, the decision to join MTH Accelerator was a very easy one for us to make. The proximity allows us to exchange ideas with other founders and startups from the region and to receive valuable feedback to further develop our company. Thanks to the broad network of experts (including HR and sales), we were able to receive fast and effective assistance that helped us navigate our challenges.
MTH Accelerator: Why VEITA?
VEITA: Digitalization pressures, high commodity prices, and rising inflation continuously pose new challenges for companies and their finance departments. There is a focus on cost and risk management so that companies have sufficient liquidity to pay invoices, wages, and salaries in the worst of times. Small and medium-sized companies in particular often still work with old ERP systems that are only partially able to cope with these new requirements.
This is where VEITA comes in. With our 360° receivables management solution, we supplement these systems with a powerful component so that invoices can be paid on time, liquidity secured, and non-payment risks correctly assessed. Our easy-to-use software saves a lot of time and offers users a whole range of useful features, such as the ability to temporarily pause workflows and task management.
MTH Accelerator: What is your mission?
VEITA: Our mission is to help companies get paid faster and stay liquid.
About the MTH Unboxing
The MTH Accelerator portfolio is growing and growing. But what exactly do the teams do and, above all, what did they do before they became entrepreneurs? In MTH Unboxing, our new interview series, we shed some light on the subject and introduce the teams in more detail. MTH Accelerator Babelsberg is the program for startups and founding teams from the metropolitan region who are looking to explore technologies and digital business models and take their companies to the next level.
Learn more about the program, our latest portfolio startups and events in our newsletter.