In the days of October 2020, more than ever before, all eyes were on Infidia seamless invoice financing. When building a product, there is a dedication that matters. At the BlockStart’s Demo Day on the 29th of October, the team of Infidia showcased what we have done in the past eight months. And we did a lot!
Like no time before, but as a result of all previous Startups, Infidia raised interest and started talks with many funds.
Besides these talks, our focus is on multiple accelerators and programs we joined and following our mentors’ advice. But, above all, we are dedicated to serving our first ten clients and first lenders. Our goal is to provide an incredible experience – seamless invoice financing.
In the months to come, we are onboarding more ethical and sustainable companies. As always, beautiful stories about these companies are on the Infidia blog. If you happen to be one of these companies, contact us, we would be happy to support your business in any way possible.
BlockStart Journey of Infidia
Since March 2020, Infidia was advancing through stages of the BlockStart program. First, it was winning the pitching competition with the other ten great companies.
During this time, we acknowledged that many clients already use software to create invoices . To bring the maximum value to our clients, and without changing their habits, we decided to connect to existing ERPs whenever possible.
However, Infidia brings the most value for all those companies that find that ERP solutions are expensive for their business. Like any of our future clients, we know how it feels when subscriptions are burdening the businesses. Because of this, Infidia includes free software solutions that help small businesses. Besides helping in approving the finance, process automation is an added value of Infidia.
This approach led us to an easy onboarding of manufacturing and distribution companies. Because we could choose who to work with, our first clients are ethical and sustainable companies.
When building a product, listening to clients’ feedback is of the highest importance. As a result of becoming one of the top 5 Startups of the BlockStart program, we entered the structured meetings with our clients.
On the 30+ video calls, we had an opportunity to follow their advice, and incorporate additional fields to our web app. Our challenge was to make the whole process as automatic as possible. Even though our clients suggested that they don’t mind extra brackets, we continued our seamless invoice financing path.
It is because Infidia strives to bring the most value for both SMEs and lenders. And BlockStart brought us immense value in setting up KPIs and providing mentorship. All abovementioned came as a result of many sessions we had within the program.
Seamless Invoice Financing is the Future
As presented on the BlockStart Demo Day, we continue our talks with lenders in the following months. Moreover, we are adding additional features as an innovation of our software.
For those that experienced the factoring process, the improvements are apparent even at first sight. From the experience of our users, many mistakes were happening in the process. For example, the lack of communication that results in the absence of trust is a common mistake.
Solving these issues brings a game-changing experience for the factoring service present for 2.000+ years. Imagine our ancestors that breed geese, wishing to exchange eggs for some flour. Well, it was easy if there was a demand for both flour and eggs on the market. Luckily, there was money to solve all other cases.
Now imagine that the only buyer interested in eggs is the wheat producer that has no money. Without flour and if there’s no money for the purchase, nothing happens. Even though wheat production results in flour, there is a need to wait for the harvest. So, no deal at this moment.
In this case, factoring, as an ancient service, solves this problem. In particular, it is someone with the money or the windmill owner that has the flour. Thus, by borrowing the flour or the money while waiting for the wheat producer, a third party can gain fees.
Of course, this process was easy when all was happening in the same village. In the present time, it is getting complicated. Nowadays, there are even trade finance companies that fund the supply and collect the buyers’ debt. However, large amounts are in their focus, and only the big trades as these bring considerable fees.
Unlike this process, the focus of Infidia is on small transactions, helping small companies obtain finance.
Continuing the Journey of Helping Businesses
As a result of refining our idea during the BlockStart mentorship and clients’ sessions, Infidia has a clear path ahead. In solving the lack of trust for small transactions, Infidia is changing the industry.
We believe that seamless invoice financing is perfect for helping small businesses. Moreover, our data analysis can provide many options for these companies to prove that they are worthy of finance. And since we choose only ethical and sustainable companies, we know that all our users are reputable.
As an additional layer, blockchain technology proves this reliability. In an innovative model of seamless invoice financing, clients’ activities are the showcase for lenders. Alongside with the credit check and valuable details for lenders that are impossible to disclose to other parties.
For all of these features and more information about Infidia, please check our promo video and the Demo Day presentation. In case you are a company that needs financing or a lender looking for a great ROI, please contact us.