We wrote this article for Straight Up, a monthly startup resource that tackles common sticking points of early stage startups. Get yourself on the list for the next Straight Up edition here.
Financial technology, also known as fintech, is an economic industry composed of companies that use technology to make financial services more efficient. One company doing just that is Fuelled.
Fuelled is a part of Creative HQ’s Global Growth Programme, and believes New Zealand businesses deserve a better deal when it comes to financing their companies. Fuelled allows you to receive an immediate cash advance rather than wait 30, 60 or even 90 days for your customers to pay.
The Fuelled journey started from a realisation that there was a gap in the market. The team knew from firsthand knowledge how frustrating it is to try to grow a business when struggling with cash flow management. Fuelled noticed most small businesses in New Zealand find cash flow a challenge, in particular as their clients pay late and continue to extend payment terms. 90-day payment terms are not uncommon among large corporates in NZ.
They saw that Xero has a large market share among SME’s and generates four times the revenue of the market average while embracing new technologies at the same time. Since then Fuelled has been on a mission to build a world-class online invoice financing service for Xero customers.
You pay a small percentage on each invoice and can sell as many or as few invoices as you wish. Access to this immediate source of finance makes the task of managing cash flow much easier, as well as providing the means to fund future growth.
Fuelled has secured an exclusive position in the Xero Financial Web in New Zealand, making them the only cash flow funding partner. This is timely as they’ve recently released the latest version of their product, which fully integrates with Xero providing a smooth online customer experience from end to end.
As part of the Xero New Zealand launch of Financial Web, Fuelled was introduced to hundreds of accountants and bookkeepers from Australasia last month, at Xerocon South in Brisbane.
Image credit: Xerocon
You can find out more about their services here.
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