Scottish fintech Know-it has disclosed designs to launch its cloud-dependent credit administration platform in Australia in 2024.
Know-it aims to provide its credit management alternative to the Australian sector, to make certain that SMEs throughout the state have obtain to the platform – creating it less difficult for them to proficiently control their credit management course of action.
The fintech has established an spectacular monitor record of supporting businesses minimise late payments and increase income stream and Know-it now sights itself as nicely-positioned to substantially effect the fintech marketplace in Australia.
Know-it’s platform streamlines the credit score management method to allow its users to credit score test and watch, chase for payment, accumulate overdue unpaid invoices, insure invoices with trade credit coverage and get invoice finance all from a person spot.
It has partnered with the likes of Creditsafe, Sage, Xero and QuickBooks in the previous to give businesses with vital actual-time credit rating information and facts, add gross sales and buy ledger and mechanically mail payment chasers when invoices are due.
“Australian businesses facial area the exact same troubles as Uk firms relating to late payments”
Lynne Darcey Quigley, CEO and founder of Know-it, commented on the launch strategies: “Australian firms experience the same troubles as Uk firms with regards to late payments and handbook credit handle.
“Automation is essential to be certain a constant income flow and effective economic procedures. This is an opportune moment to implement this kind of answers.
“Our system permits businesses to execute credit rating checks, automate payment chasing, acquire overdue invoices, and a lot more in one place. Undertaking so mitigates credit risk, lowers debtor days, and improves business hard cash flow. At Know-it, our ultimate objective is to expand our services globally and help SMEs worldwide in realising the relevance of automating the credit management system. This automation is very important not only for business survival but also for obtaining accomplishment. The Australian market place will be the initially phase for us internationally and we are all energized to see where by the journey requires us afterwards.
“We goal to reveal to Australian business owners, in particular SMEs, how fintech can safeguard small business continuity for the duration of the turbulent financial conditions now influencing SMEs on a worldwide scale. Our staff is thrilled to commence collaborating with nearby corporations, aiding them in securing income stream by addressing late payments, reducing debtor days, as nicely as automating their entire credit manage procedure.
“As the monetary climate proceeds to put immense stress on the economy, organizations in Australia want all the help they can get. It is a significant juncture wherever engineering can stage in and supply a aiding hand by means of an economical and ground breaking credit administration system. In the previous, smaller organizations lacked the important sources to automate this course of action, leaving quite a few vulnerable to late payments and financial fraud.”