Sydney-based payment processing company, ezyCollect, has raised $7.1 million across two rounds in the past 15 months.
AJ Singh and Raj Kuckreja, who founded the fintech in 2015, have a range of investors from Tankstream, Artesian, Macdoch Ventures, Sydney Angels and Adrian Di Marco, founder of Technology One.
The company helps over 1000 businesses across 24 countries collect payments from its customers.
Currently, ezyCollect manages over $1.7 billion in accounts from cashflow-critical businesses in wholesale distribution, manufacturing, food and beverage, construction, retail and business industries.
“My investment in ezyCollect is an opportunity to make a real and significant impact on one of the most draining and costly aspects that small to medium businesses face – recovering payments from debtors in a timely fashion,” said investor, Di Marco.
After having difficulty managing cashflow in a different business, Singh and Kuckreja recognised that traditional means of payment collection and debt recovery could not facilitate cash collection.
“The real issue was a lack of a systematic collections process that incorporated existing accounts staff and technology to enable automation,” said Kuckreja.
From there, the pair created their “dream” software platform that would solve the pain of late payments to help other businesses experiencing the same problems.
Since its launch, “the business underwent incredible growth as early customers saw the difference the platform made to their cash flow was like night and day,” said Jane Evio, Head of Customer Success.
“I believe the strong foundation ezyCollect has built since their very successful capital raising will allow them to deliver their platform internationally to become a hugely successful global SaaS company,” said Di Marco.
To ensure rapid uptake in a highly saturated market, the co-founders built their platform as an add-on, rather than a separate system to existing software packages.
“In this way, we provide SMEs a way to automate everything through the system, creating consistency across their entire collection book… Small businesses were previously unable to do this at scale,” said Singh.