subscribe to our newsletter
New platform to assist SME cash flow

New platform to assist SME cash flow

The cash flow woes of Australia’s small to medium-sized businesses could be a thing of the past with the launch of a new online platform.

FundX is a fintech start-up that allows businesses to fund cash flow gaps by advancing payments based on outstanding invoices.

FundX founder David Jackson said the platform has already been used by Australian businesses to help manage cash flow during the pre-Christmas period.

“In one case a business scaled so quickly that it had more orders for stock than it could afford to produce. We call that a good problem and we like helping businesses to solve good problems,” Mr Jackson said.

“Using the FundX approach, we have offered invoice finance that has allowed the business to invest in stock and maximise its return from the crucial Christmas period.”

Mr Jackson said the launch of FundX comes at a pivotal time in the marketplace.

“Invoice discounting is worth more than $120 billion per year in this market alone, but the steps to obtaining it can be onerous,” he said.

“With our system, having worked on a risk assessment algorithm with KPMG and through using our company’s own cloud-based invoicing history, we can provide an answer within one minute and cash the next day.”

FundX is supported by Sydney-based incubator BlueChilli and recently secured a round of seed investment from ASX-listed firm Collaborate Corporation Limited.

“FundX is able to leverage Collaborate's peer-to-peer and marketplace skills and knowledge, while we simultaneously address significant opportunities in the fintech sector,” Mr Jackson said.

[Related: Global brand outlines local mortgage strategy]

New platform to assist SME cash flow
mortgagebusiness logo

Latest News

A regional bank has revealed its full-year 2018 financial results, reporting a fall in residential mortgage settlements amid “challenging...

Former prime minister John Howard has called on the financial services royal commission to “bear in mind the stability and contribution”...

Macquarie Group has secured a stake in Investa Office Fund (IOF) months after Blackstone submitted a $3.1 billion takeover proposal. ...

FROM THE WEB

podcast

LATEST PODCAST: Cash rate to remain unchanged, corporate cops for the banks and a new type of credit card

Do you expect access to credit to get harder this year?