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Blog Alternative Business-to-Business Finance Provider InvoiceFair has announced that it has changed its name to Financefair.
Financefair (formerly InvoiceFair) has made a significant impact on the Irish & UK business financing market since its launch in 2015, advancing over €1.5billion in funding to growing companies across almost 8,000 advances in that time.
The change is a reflection of the expanding breath of solutions offered by the company.
Speaking at the announcement today, Co-Founder & CEO Helen Cahill, a finalist in last year’s EY Entrepreneur of the Year Awards said, “When we started in 2015 it was in the wake of a systemic banking failure that led directly to growing UK & Irish companies being starved of the funding they needed to grow. We created a simple but innovative Invoice Trading platform where companies could leverage the value of outstanding invoices to release immediate working capital.”
Over time, InvoiceFair began to expand the range of solutions it offered beyond simply trading individual invoices, mainly as a result of being more imaginative in attempting to solve unique issues that specific clients were facing.
This year, with 8 years of trading under our belt, we felt it was time to take another look at their value proposition.
According to Cahill, “Our name was made up of two words, one with a distinct meaning (‘Invoice’) which we felt at best mis-represented what we were about and at worst, probably had people thinking we were a basic Invoice Discounter. While Invoice Discounting is one of our solutions and we are very proud to provide a very distinctive and differentiated version of it to the market, we were about so much more.
We felt that we had outgrown the name. Although, this was about more than just a name change, we wanted an identity that better reflected our value proposition. Our vision is to be a powerful catalyst in helping businesses globally to fund their own future. A fundamental part of this is that we provide finance that gives ambitious companies the fairest chance of achieving their growth ambitions.”
And that’s where the name Financefair originates from.
An ever expanding range of innovative solutions
Co-Founder and Chief Revenue Officer Peter Brady explains how the needs of customers has been the driving force behind the more extensive range of solutions that Financefair now offers, “As we met more and more dynamic and forward-thinking business owners, we started to understand the range of unique circumstances their businesses were facing that simply weren’t being supported by the traditional funders like the pillar banks. So, we felt a sense of duty to these companies to try and come up with new ways of solving these cashflow issues.”
The 4 main solutions now on offer are:
Line of Credit
A pre-approved Line of Credit for up to €250,000 that gives you access to instant working capital you can draw down whenever you need it.
Selective Invoice Finance
Turn individual or multiple invoices into instant cashflow for your business. Optimise your cashflow and upload as many invoices as you want, when you want, with no personal guarantees required.
Invoice Discounting
Raise more working capital by converting your entire Debtor Book into upfront growth capital. Because we don’t apply debtor or geographic limits, you can access more funding than other funders to manage your cashflow better.
Revenue Based Finance
Convert up to 20% of your future Annual Recurring Revenue (ARR) into upfront growth capital. As your ARR grows, so does the amount of funding you can access.
Our recently launched Line of Credit is a typical Financefair story, once again leading with a market first.
Widely available in some International markets most noticeably the USA, this is a market first in Ireland for Financefair.
Line of Credit is pretty much exactly as its name suggests – a pre-approved ‘always on’ facility companies can draw down whenever they need it. Financefair position it as a new alternative to business overdrafts and short-term loans, as it gives business owners access to instant working capital, or as we like to call it, ‘funding at your fingertips’.
Further launch imminent
Financefair has also announced the launch of an entirely new, specialist solution to fund Social & Affordable Housing in Ireland. The genesis of the social & affordable housing finance solution comes from the insight that a key issue for small and medium sized housing developers in the €2-€15m development finance bracket is having ability to plan and commence their projects efficiently, supported by funding that helps them get building faster.
Right now, the majority of finance available to developers like this is only available when the sale contract to an Approved Housing Body, a Local Authority or the Land Development Agency (LDA) has been executed.
Peter Brady explains this in more detail, “With our solution, the developer can get going on site 8-16 weeks sooner than with other funders. This, along with other features of our product like fixed finance cost, up to 90% Loan to Cost, helps developers optimise return on their equity and lock down more of the costs of their project in advance.
By starting sooner, fixing finance costs and getting finished more efficiently, developers give themselves the best chance of delivering their project efficiently, and moving on to their next project.”
Financefair have already secured an initial funding line of €150m which, when utilised, will support the development of 600 additional badly needed social & affordable homes for families across Ireland, making an immediate impact on the hottest topic in Irish society right now.
So, a new name but very much the same old story of innovation for Financefair, it’s ‘fair’ to say!
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