Welcoming DebtCase to FinTech Connect!
Year launched: 2017
Management team: Brian Smith, CEO
Number of employees: 3
DebtCase helps SMEs collect their overdue invoices quicker, more efficiently and potentially free of charge. Once you connect your accounts package we match you to a collection agency who operate a no collection, no fee policy and add their commission to the debt, meaning you could receive then entire balance.
How did the idea for the business originate?
Back in 2016 I read in a Lloyds Bank article that UK SMEs were owed more than £500bn. Having struggled in the past with overdue invoices, and even seen a friend’s company go under because of Non-payment, after reading that I knew what my next business was going to be.
Do you have customers yet? If not, how far into your business lifecycle are you?
We have successfully started collecting debts for local businesses who’ve found us via our website, as well as FreeAgent users across the UK via their add-ons page. Plus, our CRM system (which powers the backend of the marketplace) is gaining new users every month.
How have you funded your growth to date?
A combination of bootstrapping and accelerator funding. We’ve just been through the Ignite accelerator programme (www.ignite.io) were we received advice, mentoring and £40,000 investment for an equity share.
What would a successful 2018 look like for you?
We are about to open an SEIS funding round, so closing that with the full £130k committed would be fantastic. Also, integration approval from both Xero and QuickBooks will allow us to help more small businesses.
Outside of your own business, which start up do you admire the most and why?
I’m not sure if Monzo still technically class as a start-up, but I love their marketing and what they are doing to the banking industry.
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