It all started when David, owner of a successful Accountancy Practice, was trying to help a client to get some cashflow finance. Upon applying to the traditional sources, they were told that the bank “didn’t have the appetite for this kind of business.” Some of his other clients found out what had happened, offered to help and provided enough funds for the cashflow problem to be solved.
“If this could solve the problem for one SME,” David thought, “there must be others out there that could benefit.” He discussed the idea with Michael, an experienced financial services executive, and together they researched the overall invoice trading market, mainly factoring and discounting, and discovered that many SMEs were underserved as they were shut out by current offerings.
As David’s firm is a technology leader, the service had to be fully automated around workflow and integrated into online cloud accounting platforms to provide a simpler and cheaper alternative to existing methods for all parties.
The service also needed a real-time risk engine capable of learning, so they met with Alan, who had years of experience in software innovation and a proven track-record in successfully bringing new technology products to market. They decided to build an alternative approach based around Accountancy Practices, to provide a service for their eco system of clients, irrespective of size, so they could sell or finance invoices within a secure operating environment, at a lower entry point and cost than currently available and FloFunder was born.
So, there we have it, FloFunder, with the three most important areas covered by the most experienced individuals in their fields; knowledge of the users, the financial sector and the latest technology used by FinTech companies. The FloFunder founding members:
David Ireson Hughes – bringing insight into problems that SMEs face from time to time with cashflow and understanding how difficult it is to provide good, risk managed investment opportunities.
Michael King – having an in-depth knowledge of financial services, payment services and systems, electronic marketplaces, e commerce and market infrastructures.
Alan Burns – a pioneer in electronic commerce and e-payments, with experience of using cloud-based tools and APIs to build intelligent matching tools.