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UK Scaleups join forces to fight problem killing 50,000 SMEs annually

Four UK scaleups have come together to support business owners who are struggling with cashflow problems. 

SMEs across the UK are struggling under the burden of late payment. With many firms going out of business as a result. 

Indeed, recent research has found that UK small businesses are owed £50 billion in overdue payments and that the average size of late payments owed to SMEs in the UK is £6,000. This is resulting in 50,000 companies going out of business every year.

Enter itsettled, Clear Factor, Nimbla, and Tomato pay. Four UK scaleups who have come together to support business owners who are struggling with cashflow problems. 

Born out of it’s co-founder and CEO’s receivables management experience, itsettled is a cashflow & credit management platform that helps SMEs quickly and efficiently collect their invoices to help improve their working capital position. 

Clear Factor is on a mission to help small businesses access fair and affordable funding, Nimbla provides single invoice insurance for SMEs, and Tomato Pay offers an open banking QR-code solution to make it easy for businesses to accept payment anywhere, anytime.

Together these firms are automating, optimising, and protecting the invoice collections process. Ensuring that SMEs are always in the best working capital position. 

Speaking at the launch of the initiative, Jonathan Wingrove, Chief Operating Officer, itsettled said;

‘We know nothing happens in isolation and there is no silver bullet approach. We’ve always believed that our platform is one part of an interconnected solution. Through this collaboration we’ve been able to realise our vision of providing businesses with an integrated suite of business solutions, allowing them to reach their full potential no matter the economic situation.

‘All four organisations have worked tremendously hard to make it happen and we’re extremely excited to have joined forces to help an even greater number of firms in need of our support.’

itsettled, Clear Factor, Nimbla, and Tomatopay will be exhibiting at the Business Show on 24 - 25 November at London Excel. Find them at stand B1344.

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