Welcome to Snowflake’s Startup Spotlight, where we learn about awesome companies building businesses on Snowflake. Can accounts receivable be an agent of change? Tesorio Co-Founder and CTO Fabio Fleitas thinks so, and his startup’s AI/ML-driven platform aims to give finance teams better control over their cash flow so they can have greater impact on their organizations’ success. Read on to learn about Fleitas’ founder journey and why his team chose to build on Snowflake.
What inspires you as a founder?
From a young age, I’ve been driven by my ambition to make a positive impact on the world. My ultimate aspiration is to establish a startup incubator dedicated to supporting nonprofits and companies that tackle global challenges. In addition to providing financial support, I would share my personal experience as a startup founder, offering valuable insights and guidance to the entrepreneurs as we collaborate. I would use my knowledge and resources to empower them to achieve their own success.
I find immense fulfillment in the journey of being a founder. Each day brings new experiences and hurdles, compelling me to constantly adapt and redefine my role as we navigate through growth and confront fresh obstacles. This perpetual cycle of change and adaptation exhilarates me. I also have the privilege of collaborating with exceptional individuals, which enhances the entire experience.
Can you explain what your company does in one sentence?
Tesorio revolutionizes cash flow and accounts receivable management for businesses through its cutting-edge financial technology platform, utilizing advanced AI algorithms to offer a comprehensive suite of solutions that optimize and streamline cash flow processes.
What problem does Tesorio aim to solve? How did you identify that issue, and what made you confident that you and your team were the right people to solve it?
We firmly believe that companies equipped with robust cash flow have the power to shape their own destiny and achieve their mission. Cash flow, in essence, represents the freedom to drive meaningful change. This is where Tesorio steps in. We connect people and data to establish predictability in cash flow, empowering companies to make a difference.
The genesis of Tesorio was when I crossed paths with my Co-Founder, Carlos Vega, who possessed a decade of experience in finance. His deep understanding of the challenges faced by finance teams paved the way for our vision. Our entry into Y Combinator in the summer of 2015 and the subsequent successful seed round funding from top-tier Silicon Valley investors further solidified our conviction.
During this period, we engaged extensively with finance leaders, actively listening to their pain points and recognizing the gaps in existing solutions. Through these conversations, we identified an opportunity to assist finance departments in managing their cash flow, starting with the most volatile component: accounts receivable.
By combining our domain expertise, the insights gained from finance leaders, and a deep commitment to addressing their unmet needs, we became confident in our ability to tackle this problem. Our product encompasses a comprehensive suite of tools and workflows designed to assist companies in effectively managing their accounts receivable collections processes. We are dedicated to supporting finance teams in achieving stability and control over their cash flow, so they can drive tangible and positive change within their organizations.
What’s the origin story for your company name?
Tesorio comes from a wordplay on the Spanish word “tesoro,” which translates to “treasure.”
What’s the coolest thing you’re doing with data?
One of the most exciting aspects of Tesorio is undeniably our cutting-edge machine learning (ML) capabilities. In particular, our forecasting technology has garnered significant attention. Cash flow forecasting usually involves a mess of disparate spreadsheets that get cobbled together to produce a forecast. Tesorio’s technology enables companies to centralize all of their cash flows in one place, including transactional data from their banks and ERPs. The data is combined with the accounts receivable data coming in from our product to produce a holistic view of all direct cash flows and to develop forecasts.
Our approach is already revolutionizing cash forecasting for our fast-growing customer base, which includes some of the most admired companies on the planet as well as our Big 4 bank partnerships. Witnessing the tangible impact of this technology across such prominent platforms is truly remarkable.
How has Snowflake enabled you to push the envelope in your line of business?
Snowflake powers our customer-facing ML and analytics platform. It gives our platform a remarkable capability to swiftly and effectively perform extensive data aggregations. This feature is quite exceptional as it enables us to leverage the entirety of our data, facilitating intricate data processing that serves as the foundation for our platform.
When you were implementing Snowflake, how did you decide which architecture to use?
As a startup, agility and rapid development are crucial to our success. Therefore, we opted for a setup that required minimal maintenance, allowing us to focus on delivering high-velocity development while maximizing the customer experience. By choosing Snowflake’s managed solution, we were able to offload the operational complexities and infrastructure management and dedicate more engineering resources toward innovation and customer-centric enhancements.
How has the decision to use Snowflake benefited your customers?
Feedback from our customers has been overwhelmingly positive. Our use of Snowflake’s cloud-based architecture provides our customers with seamless access to our services as well as robust performance and scalability. The managed solution allows us to consistently deliver reliable and efficient services, which makes our customers happy and reinforces their trust in our platform.
And what about your internal teams—has building on Snowflake impacted your time to market, collaboration, or ability to innovate?
Honestly, we can talk about pretty much all of these.
- Accelerates time to market: As a startup, time to market is critical. We need to be able to quickly prototype, develop, and launch new products/features. Technology needs to be an enabler in this and we’ve found Snowflake has been so easy to implement, use, and maintain in our tech stack.
- Enables collaboration: Although we do leverage Snowflake for customer-facing products and features, we also use it for internal analytics. It has been great to be able to slice and dice our large data sets with our teams.
- Innovation: Some of the most innovative aspects of our product, our data science and ML, are powered by Snowflake. Our data science team has found Snowflake the best in class when it comes to handling data at our scale. Because of this, our data science teams can spend their time doing their amazing work and providing these valuable features to our customers.
You said you find immense fulfillment in being the founder of a startup. What’s an important lesson you’ve learned along the way?
The most important lesson I’ve learned over the startup journey is that who you work with has the biggest impact on whether your startup succeeds or not. From my relationship with Carlos as co-founders, to our board and the VCs we work with, to everyone in the company—I’ve been truly fortunate to have this opportunity to work with such brilliant people. It’s what excites me the most about this entire startup journey.
What’s on the horizon for you and for Tesorio?
While Tesorio’s main product offering currently revolves around accounts receivable software, our ultimate goal has always been to leverage advancements in ML to provide finance teams with comprehensive analytics and predictive insights, enabling them to gain a holistic understanding of their entire cash flow performance. We also want to empower finance teams with the tools and capabilities that enable them to go a step further and take decisive actions to optimize and positively influence their cash flow.
We’re always keeping an eye on new tech, of course, and GPT/LLMs have been the hottest topic for the last few months since ChatGPT came out. People have been talking about generative AI and how it could change the world for a long time, but it always felt like it was something in the future. There are great specific use cases for AI/ML—Tesorio’s use of it for forecasting is one—but the rise of GPT/LLMs is showing the world that generative AI is much, much closer than a lot of people thought was possible. Although it has clear issues, it’s still remarkable to see what it can accomplish and how people can leverage it in its current state. We’ve implemented and explored some use cases within our product, and I think it has exciting potential.
Personally, I’m also watching the augmented reality space. I believe it will be one of the biggest sources of technical disruption and innovation, and has the potential to shift the way we live and work to the same degree as mobile phones. It won’t happen all at once and it won’t be with the V1 versions of these products, but it will come in time.