US: Clearing, a banking solution tailored for short-term rental operators, has announced that it has secured an undisclosed investment in pre-seed funding.
The startup aims to help operators by putting bookkeeping on autopilot and accessing real time unit-level cash flow.
CEO Benjamin Elbaz said: “This initial investment will help us accelerate our go-to-market strategy and provide the optimal experience to our first users.”
With their background in short-term rental management at tech-enabled hospitality company Sosuite and fintech at global management consulting firm McKinsey & Company, the two co-founders are solving their own pain of managing 120+ units.
“Our mission is to help operators automate their bookkeeping with a tailored banking solution so they can focus on providing the best experience to their guests and expand their portfolio,” added Elbaz.
As operators and bookkeepers spend “countless” hours every month categorising revenue and expenses to their respective units, the manual process has become “time-consuming, repetitive and error-prone”, according to the Clearing team. Yet, keeping accurate books is critical to visualising granular cash flow by unit, which allows informed decision making and filing accurate taxes.
Sosuite CEO Simon Seroussi said: “With Clearing, we’re forecasting to save at least 15 hours of otherwise-manual bookkeeping every single month.”
Operators leverage Clearing to automate the categorisation of transactions and access unit-level cash flow, while controlling their expenses with sub-bank accounts that can be turned on and off to avoid unexpected charges.
The platform is also synchronised with accounting softwares and soon with property management systems [PMS] to help operators keep consistent records using external ledgers.
Barsala chief revenue officer Hussein Kalaoui said: “Clearing is solving a real pain point in this space. It’s also impressive what the founders have built so quickly.”
Looking ahead long term, the founders envisage that Clearing will become a complete revenue and expense management platform, including bill payment features, accounting, credit lines and seamless access to loans.