Zave Opens Up AI-Driven Platform for Law, Accounting, and Corporate Services Firms, Enhancing Efficiencies and Client Engagement
23 April 2019
FACTS ABOUT ZAVE
- Founded by former Wall Street banker Alan Schmoll, Zave is a one-stop accounting, tax, and corporate secretarial workflow management platform for startups and SMEs
- It is the first platform to combine compliance and accounting processes, helping professionals manage rule-based, routine tasks with 3-5 times more efficiency compared to traditional workflows, using artificial intelligence
- Over the past 12 months, the platform directly served hundreds of entities across a wide range of industries from technology and financial services, to health, fitness, and media
- It is on track to reach 10,000 users across five legal jurisdictions by the end of 2019 with plans to add more jurisdictions over time
Singapore. April 24, 2019 – Singapore-based management app Zave announced today that it has made its technology platform available across the entire industry for law, accounting, and corporate services firms to service their end clients. It currently has close to 30 firms on board in Singapore, Hong Kong, and Australia. Prior to this, Zave was a tech-enabled corporate service provider itself; with this expansion, it has rebranded that division to Lanturn.
Voted #1 in the “Legal and CorpSec” category for “Asian startup most likely to succeed” in 2019 by ATP Podcast’s viewer base, Zave is zeroing in on inefficiencies and client engagement issues within the industry. Its client management portal provides both service providers and clients with an overview of important compliance dates, deadlines, registrations, and exemptions as well as access to relevant company documents.
Tasks are automated right from the beginning—once clients enter their business registration number, the platform’s bots will create a tailored onboarding experience based on their company’s size and type. It also uses artificial intelligence to automate workflow messaging tools by analyzing data from email usage trends. The company has processed more than 1,500 tasks with 20% bot (artificial intelligence) assistance since its inception.
Zave also has a partner-level integration with popular cloud-based accounting platform, Xero, which means that clients can handle staff expenses and accounts payable seamlessly across both products. It aims to deepen this partnership and work with banks and commercial insurance companies to provide a more seamless experience for its service providers and clients.
For founder and chief executive officer Alan Schmoll, the move to make Zave’s platform available to other firms in the industry was a natural progression given its success with its own clients.
The platform currently supports hundreds of entities across Singapore, Hong Kong, Australia, the British Virgin Islands, and Cayman jurisdictions.
“We are currently on track to serve 10,000 entities by the end of 2019, with plans to add more jurisdictions, including the United Kingdom and Canada in the coming months,” Schmoll said.
The company also launched several new products, including Marketplace, Timeline, and New Accounting Task-bot. The new product Marketplace will provide Zave’s users with access to a selection of curated Zave Partner benefits such as AWS, Stripe, TravelStop, Doctor Anywhere, Horangi, Finaxar, PolicyPal, and Wantedly. As for Timeline, the feature provides a chronological display of a company’s corporate action documents and scanned mail, while New Accounting Task-bot will read client responses to bookkeeping queries and suggest-tag to a specific company account; for example, “that was a team dinner” will be suggest-tagged to “Staff Entertainment”.
Zave is backed by East Ventures, Southeast Asia’s top venture capital firm specializing in early-stage ventures. Willson Cuaca, Managing Partner at East Ventures, said: “Zave’s platform gives a bird’s eye view across all the entities involved. It makes it much easier to keep track of important compliance information and communicate with professionals whom the client works with.”
Zave is a client-centric workflow management platform for startups and SMEs to seamlessly outsource accounting, tax and corporate secretarial work to professional firms. Prior to this, Zave was a tech-enabled corporate service provider, before rebranding the firm to Lanturn.
Founded by former Wall Street banker Alan Schmoll in 2014 as Asbet, the company initially built collaboration software for banks and institutional investors before pivoting in 2017 to address the challenges around corporate services. Velisarios Kattoulas, former CEO and founder of Poseidon Research China, joined the mission in 2018 and currently serves as Zave’s COO. The company employs another 25 people across Hong Kong and Australia, with the majority of the team based in Singapore.