Xencio manages to secure a considerable grant by the government-run FFG to advance its mission of empowering small businesses with an automated accounting solution. The Austrian Research Promotion Agency (“FFG”) mainly aims at promoting structural change in Austria by supporting selected promising projects. The seven-figure sum is used for further development of Xencio’s product, which is ultimately intended to comprehensively simplify the entire accounting process including tax payments.
The Start Up has made it its mission to support SMEs in making more qualified decisions on the basis of real-time information. With the help of Xencio’s data analysis algorithm, entrepreneurs can devote their valuable time, which until now was often used for antiquated manual accounting, to further develop their product and customers base instead.
Since its foundation in Vienna in January 2019, Xencio has already won over 30 companies as customers in Austria. Austria’s central location makes it an ideal starting point for later expansion into other European countries.