Tired of data entry? Say hello to Extract.

Over the last few months we’ve spoken to people right across the finance industry, with a view to understanding where the pain points lie and how we can build a business around solving them.

During those conversations we discovered a few things. Firstly, that financial modelling is complex. The finance industry is centred around understanding businesses in-depth, providing insights to clients and forecasting future performance. Detailed financial models are a core component to that analysis, whether it’s for advising, investing or lending. The ability to accurately analyse a business is a must-have skill for anyone looking to progress their career within finance. Universities teach it and professional qualifications exist to help individuals fine-tune their abilities.

Secondly, we realised that people spend a huge amount of time plugging numbers manually into Excel. Copying from PDF financials, either within their own teams or outsourced to third-party providers. We noted that the existing automated solutions are only as good as the information available — invariably this means that for listed companies, a degree of automatic flow into models is possible. However, a significant chunk of time is spent analysing private companies and looking at privileged information.

This is why we built Extract. Using sophisticated technology, we can extract financial data from PDF financials in seconds, which you can then incorporate into your financial models as you wish. We’ll improve the output and connectivity as we develop, tweaking our machine learning models so that this will become more dynamic over time. For areas with regular monitoring, such as Leveraged Finance at large Banks, this will mean the ability to drop quarterly PDF financials directly into the existing model, in seconds. We see this growing into a powerful industry API, a future-proof partner in the digitalisation of finance.

We don’t keep your data. Everything is extracted and immediately deleted in a highly secure environment, which makes this perfect for analysing private companies. The aim with Extract is to help you move faster, enabling deeper analysis with more time spent on value-add activity.

You can try it out here.

At Scribe, we’re taking a research-led approach to artificial intelligence, bringing cutting edge technology into the industry, accelerating lending and investment decisions. We see the huge potential of this technology and are working alongside Banks to deliver real, tangible AI-driven solutions.

Header Image by Chris Pastrick from Pixabay