UK based MarketFinance, one of the largest peer-to-peer (P2P) bill financing platforms in the world, notes that in their company, the entire team logs in every week for their (currently virtual) town hall.
But now that COVID-related restrictions are gradually easing and companies can ‘take stock’ of the past year, they’ve invited a customer to speak to their CEO, Anil Stocker. These discussions are a good opportunity for everyone in their business to understand the challenges and opportunities that UK SMEs are currently facing, the MarketFinance team writes in a blog post.
Edouard Belgeonne, CEO and founder of Bantham Technologies, recently shared key information with the MarketFinance team. He has his fifth “successful” start-up and brings experience through “bucket load”.
Bantham Technologies is a cloud-based platform that focuses on the digitization of data capture – meaning it can help businesses send and share information “from anywhere digitally, in time.” real and safe “. Their technology helps customers improve the overall efficiency of their operations, including “reducing tedious and environmentally unfriendly red tape.”
The company says it is able to give back valuable time to its customers and also helps them to be “more sustainable.”
Edward calls it “the environment,” the MarketFinance team notes while adding that clients who have people working in the real world, such as engineers or healthcare workers, see a great benefit.
On behalf of its clients, Bantham Technologies manages over one million electronic forms each year. Each electronic form “equates to around five A4 pages that were previously hand-delivered at the office,” adds the MarketFinance blog, noting that Bantham Technologies has completely digitized the process, which means they “saved $ 5 million. A4 paper pages which in turn saves 50 million liters of water (the papermaking process uses 10 liters of water per A4 page) by coupling the carbon saving of 4g per page of this process and the ‘Carbon savings achieved by reducing fuel consumption, because field personnel no longer have to do so. back to the office, this results in a total carbon saving of around 6,000 tonnes of carbon per year.
As MarketFinance noted, when the coronavirus crisis began, Bantham’s team decided to ‘pivot’. With movement control, their digitized technology has become “particularly useful”. They would have decided to “advance this project by developing Bantham Radar which involves applying AI to the data they collect and share. This allows companies to analyze their own user base and “working models”, meaning that informed improvements can be made to streamline operations.
As noted in the blog post, with the NHS it soon became clear that the full benefit of Bantham Radar went even further.
“It was originally designed to identify patient trends. Now he’s a backlog breaker.
Edward told MarketFinance that it would take around 5 years for some NHS Trusts “to get the backlog of patient files under control because their human resources are scarce.” However, Bantham Radar shows them how they can “make a significant dent through automation, freeing up precious time for clinicians and nurses.”
Edward told MarketFinance that as a new business owner or entrepreneur, “you always wonder if you have enough money to pay salaries and cover other expenses.” As any entrepreneur or business owner knows, when you are starting out you need “a lot of money quickly to support your initial growth”, so Edward had to “make a decision between debt and equity to move forward. things “.
In the past, Edward has revealed that he chose the path of investing (or equity). For him, when you give stocks to investors, “the business is to entertain 30 or 40 people in meeting rooms.” This time, he “wanted to fuel the engine of the business in a different way to stay in control.”
At first he used his own funds. He revealed that he was “light, that he did not carry luggage”, then when “it was time for another injection of money, he went to his bank”.
It’s hardly surprising to a small business owner to learn that their lender “didn’t really come to the rescue when the business needed cash.” Edward shared that “if you have piles of money in a space that is in no way threatened, they are happy to offer you money when you don’t need it.”
Edward then explored various alternative financing options through a broker, as he was “willing to consider a higher cost to get things done.”
He revealed his business had reached a point where it “wanted to turn on the lights quickly” – and that kind of increase requires substantial working capital.
As explained by the MarketFinance team:
“Having both a loan and an invoice financing facility from MarketFinance gives it the confidence to continue to grow and progress. This access to cash has allowed Bantham Technologies to move forward with its software remotely. “
MarketFinance claims that Edward is a fan of their financing solutions because “there are real people behind the technology”.