Satago founder Steven Renwick talks about the business' recent £4.6m funding round, finding a co-founder - "it’s like getting married" - and changing the culture of late payment.
The business is trying to become an “all-in-one cashflow solution” that helps businesses not just research credit worthiness and reduce debtor days, but offer invoice financing for small amounts in a flexible way.
The recent investment in the business includes a £3m credit line to finance the loans and an equity investment of £1.6m from ESF Capital , with further potential for additional equity and debt funding.
“When you read guides on getting funding for a startup they often say you should get tens of thousands from friends and family. That’s completely unrealistic if your friends and family happen to be normal people,” he said.
The idea for the business was part of his MBA and he researched the market on BusinessZone's sister site UK Business Forums.
The business runs on a freemium model, with those that aren’t paying still able to chase invoices, use templates, integrate risk data and have debtor reporting.
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