Data River

What Data River does

Data River is a private, early-stage software company founded in 2025 that builds AI-powered tools for converting PDF bank statements into structured, Excel-ready data. Its core product, the Bank Statement Converter, uses a proprietary AI model trained on financial document layouts, with bank-specific parsers covering 8,000+ banks and credit unions, computer-vision-based layout analysis, balance validation, and under-6-second conversion times. The company extends this engine into adjacent enterprise products, including a Kyriba Bank Connectivity layer for treasury implementations, an MT103 Payment Converter, and an MT940 Statement Converter, all targeting SWIFT-format automation and emerging-market bank coverage in 199+ languages.

The business operates a hybrid go-to-market combining a self-serve, product-led growth motion with a free beta tier (5 statements/day, no credit card) against a sales-led enterprise motion through Kyriba implementation partners and direct outreach for custom pricing on multi-bank and high-volume projects. Revenue streams are predominantly pre-monetization today, with the only disclosed paid tier being the MT103 Business plan at $200/month; MT940 and Kyriba connectivity are priced via custom enterprise contracts. Data River claims SOC 2 compliant infrastructure and patent-pending AI vision technology, and it serves named logos including Google, Credit Bureau Asia, ACLEDA Bank, and Koi Capital alongside SMB bookkeepers and individual users.

Data River is founder-led by Sandra Vu, operates with 1-10 employees, has no disclosed institutional funding, and has expanded into geographies spanning the US, Canada, the UK, Australia, China, India, Vietnam, Indonesia, Thailand, and parts of Africa and Europe. The company explicitly avoids third-party AI APIs, stores no customer files, and does not train on customer data, positioning privacy as a structural differentiator against generic OCR and LLM-based converters.

Name

Data River

Legal name

Data River

Website

https://www.datariver.co/

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Data River is an early-stage private company that uses proprietary AI to convert PDF bank statements from 8,000+ banks into structured Excel/CSV data, serving accountants, SMBs, and enterprise Kyriba treasury implementations across global emerging and developed markets.

Ownership category

akta.pro rank

Product category

Financial Document Processing Software

NAICS

Software Publishers (513210), Activities Related to Credit Intermediation (5223)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Processing & Data Preparation (7374)

akta.pro primary industry

iBPMS (Intelligent BPM Suites) & Process Automation Suites (HDAEAHAG)

Keywords

• Bank statement conversion
• Financial document AI
• PDF to CSV
• SWIFT format automation
• Treasury management integration

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. Freemium Bank Statement Conversion: Free tier during beta period offering up to 5 bank statement conversions per day with full AI-powered OCR technology, CSV/Excel export, and secure processing. No credit card required.
2. MT103 Business Plan: $200/month subscription for MT103 payment automation, including 1,000 MT103 files per month, priority support, API access, custom field mapping, and validation reports.
3. Kyriba Connectivity Implementation: Custom pricing per implementation with volume discounts for multi-bank projects, priced to be accretive to consulting engagement margins.
4. Enterprise MT940 Processing: Enterprise volume pricing available for MT940 statement conversion, targeting treasury and finance teams.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Data River provides an AI-powered PDF bank statement converter that transforms PDF statements from 8,000+ banks and credit unions into clean, Excel-ready CSV data in under 6 seconds. The proprietary AI uses bank-specific parsers and balance validation, with a privacy-first design that never sends files to third-party AI APIs, never stores statements, and never trains on customer data. Enterprise offerings extend the platform to SWIFT MT103 and MT940 format generation and Kyriba treasury management connectivity across 199+ languages.

Product overview

Data River is a multi-product AI-powered financial document processing platform. The core product is the Bank Statement Converter, which transforms PDF bank statements from 8,000+ banks into Excel/CSV format using proprietary AI trained on financial document layouts. Enterprise add-ons include Kyriba Bank Connectivity for treasury implementations (with Stream OCR pipeline and 199+ language support), plus MT103 Payment Converter and MT940 Statement Converter for SWIFT format automation. All products share core AI technology for document parsing, validation, and structured data extraction, with API access available on Business plans.

Differentiator

Problem solved

Functional benefit

Products and services

• Bank Statement Converter AI-powered PDF to Excel/CSV converter for bank statements. Converts PDF statements from 8,000+ banks and credit unions into clean, structured CSV data in under 6 seconds. Features proprietary AI trained on financial document layouts with bank-specific parsers and balance validation. Designed for accountants, bookkeepers, small business owners, and individual users needing to import bank data into QuickBooks, Xero, or Excel.
• Kyriba Bank Connectivity Enterprise bank connectivity solution for Kyriba treasury management system implementations. Stream OCR pipeline processes statements in real-time for high-volume connectivity feeds. Parses statements in 199+ languages and delivers Kyriba-ready outputs for treasury and cash management projects in emerging markets (APAC, Africa, Oceania) plus US banks. Outputs standard formats Kyriba ingests natively including MT940, SWIFT, BAI2, OFX, ACH, Fedwire, Lockbox, and Positive Pay.
• MT103 Payment Converter Automated converter that extracts payment data from PDF invoices, bank statements, and payment instruction PDFs, then outputs clean SWIFT MT103 bank-ready files for international wire payments. Validates sender, beneficiary, bank, and amount fields before export. Designed for payment operations teams needing to automate MT103 generation and reduce payment creation time by 11x while avoiding $50,000+ in bank fees from incorrect payment details.
• MT940 Statement Converter Automated converter that extracts transaction data from PDF bank statements and outputs clean SWIFT MT940 format for customer account statements used in treasury reconciliation and cash management. Includes balance validation (opening balance + transactions = closing balance) achieving 99% accuracy validation before download. Designed for finance and treasury teams.

Quantifiable outcome

• Converts bank statements in under 6 seconds
• +5 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability6 records

Feature6 records

Partnerships

One partnership is on record.

• KyribacoreTechnology or IntegrationData River provides bank connectivity-as-a-service for Kyriba deployments, particularly in emerging markets where Kyriba doesn't natively reach. Data River normalizes bank statement data into standard formats Kyriba ingests natively (MT940, SWIFT, BAI2, OFX, ACH, Fedwire, Lockbox, Positive Pay). Built specifically for Kyriba implementation partners delivering cash management and treasury projects in Asia-Pacific, Africa, and Australia.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ocrolus: Ocrolus provides AI-powered document analysis for financial documents including bank statements, paystubs, and tax forms, primarily serving lenders. Direct peer: same problem space (financial document OCR/AI), overlapping customer base (lenders, fintechs), similar AI-vision technology approach.
• Rossum: Rossum is an AI document processing platform specializing in financial documents including invoices and statements, with proprietary computer vision models. Direct peer: same AI document processing approach, similar financial document focus, comparable enterprise SaaS GTM.
• Veryfi: Veryfi offers AI-powered OCR and data extraction from financial documents including receipts, invoices, and bank statements via API. Direct peer: same privacy-focused positioning (no third-party AI), similar OCR-to-structured-data pipeline, SMB and enterprise customers.
• Hyperscience: Hyperscience provides AI-driven document processing automation for enterprise workflows including financial services. Direct peer: same AI document processing technology, similar enterprise automation use cases, broader horizontal scope.

Broad incumbents

• Plaid: Plaid is the dominant bank connectivity API platform serving fintech and enterprise. Broad incumbent: provides direct API-based bank data aggregation that competes with Data River's PDF parsing approach at the use-case level (feeding financial data to apps), though with a fundamentally different technical approach.
• Yodlee (Envestnet): Yodlee provides financial data aggregation and analytics for banks, lenders, and fintechs. Broad incumbent: competing in the financial data extraction space at the enterprise level, with broader portfolio of analytics and risk services beyond document parsing.
• Finicity (Mastercard): Finicity is a Mastercard-owned financial data aggregator providing bank connectivity APIs and credit decisioning data. Broad incumbent: competes at the use-case level (financial data extraction for lending and fintech), backed by Mastercard's distribution and resources.
• MX Technologies: MX provides financial data connectivity, analytics, and money management for banks, fintechs, and consumers. Broad incumbent: overlapping financial data extraction and connectivity mission, much larger scale and enterprise distribution.
• ABBYY: ABBYY is a long-established OCR and document AI platform serving enterprise document automation. Broad incumbent: comparable document parsing and data extraction technology, much broader scope including forms, invoices, and contracts beyond financial statements.
• Hubdoc (Xero): Hubdoc is a Xero-owned document capture and bank statement automation tool integrated into Xero accounting. Broad incumbent: directly comparable bank statement-to-accounting workflow with embedded distribution through Xero's accounting platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Data River