XU Biweekly - Issue 66 - 21 October 2023

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Saturday 21st October 2023 | No. 66

XU Biweekly

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Chaser has helped businesses SME lender iwoca raises new to collect $5 Billion in 2023 £200 million funding line after reaching £2.5bn in finance lent C I HASER, THE LEADING GLOBAL ACCOUNTS RECEIVABLES PLATFORM AND CREDIT CONTROL SERVICE PROVIDER, HAS SUCCESSFULLY HELPED BUSINESSES COLLECT OVER USD 5 BILLION SO FAR IN 2023. THIS ACCOMPLISHMENT HIGHLIGHTS CHASER'S COMMITMENT TO HELPING SMES WORLDWIDE GET PAID IN AN EFFICIENT AND FRIENDLY WAY SO THAT THEY IMPROVE CASH FLOW. CHASER'S SOFTWARE ALLOWS BUSINESSES TO CONDUCT CREDIT CHECKS, MONITOR DEBTORS, CHASE OUTSTANDING INVOICES VIA SMS AND EMAIL AND COLLECT PAYMENTS, ALL TO ENSURE TIMELY PAYMENTS.

Late payments are a growing concern, as highlighted by Xero's data from 2019, which reported that 48% of invoices faced payment delays each month on average. By 2022, Chaser's late payment report revealed that this number had jumped to 87%, affecting nearly 9 in 10 businesses.

Late payments pose a significant threat to businesses, especially small and medium-sized enterprises. These payment delays can trigger cash flow issues, causing unexpected costs and even the risk of insolvency. Reaching this target is a significant milestone and an essential step toward achieving greater financial security and stability for businesses worldwide.

“While helping SMEs collect USD 5 billion so far in 2023 is a fantastic achievement, Chaser’s mission remains the same; to support SMEs worldwide to get paid in an efficient and friendly way so that they improve cash flow”, said Sonia Dorais, CEO of Chaser. “As we move forward, Chaser remains dedicated to continuing to help SMEs reduce late payments, and we are continuously enhancing our software and solutions by introducing new, AI-driven features that make timely payments even more effortless.”

Chaser is committed to helping businesses succeed through the introduction of new and innovative features, that make it easier to get paid on time, including:

• The late payment predictor - This feature anticipates the likelihood of late payment, empowering users to make smart, proactive decisions about credit control to ensure timely payments and protect their cash flow. • Recommended chasing time - By using artificial intelligence, Recommended chasing times present Chaser users with the optimal time and day to chase customers to get invoices paid. Chaser will continue to strive for SMEs to be paid in a friendly and efficient way. Chaser is dedicated to creating tools that empower businesses to take control of their accounts receivable process and maintain financial security.

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WOCA, ONE OF EUROPE’S LARGEST SME LENDERS, TODAY ANNOUNCES A NEW FUNDING LINE WITH INITIAL COMMITMENTS OF £200 MILLION FROM BARCLAYS AND VÄRDE PARTNERS.

In January this year, iwoca secured an increase and extension to its existing funding line, with long-standing partner Pollen Street Capital - from £125 million to £170 million - as demand for SME finance soared. With the new £200 million funding line from Barclays and Värde, this now takes the total debt commitments to over £850 million.

Supporting the full range of SMEs Across the UK and Germany, iwoca has lent over £2.5bn since its launch in 2012 across more than 120,000 business loans. As of Q3 2023, the lender is on track to end the year having doubled the number of small

business loans it has funded when compared to 2021.

Christoph Rieche, iwoca CEO and co-founder, said: “We started iwoca after the financial crisis to offer SMEs the support that was so badly needed during uncertain times. Now, over 10 years later, we are fully tested and have proven that we can be there for SMEs when they need us the most. With this new funding, we’re in an even better position to help smaller businesses in the UK and Germany at a time of economic uncertainty. These SME businesses form the basis of a strong economy, and iwoca will lead from the front to help them thrive and achieve their goals.” “We are pleased to support the expansion of commercial financing opportunities in the UK through iwoca,” said Aneek Mamik, Global Head of Financial Services & Diversified Private Credit at Värde Partners.

“Iwoca’s differentiated sourcing and underwriting capabilities give us access to a high quality portfolio of commercial businesses. This builds on our leading position in providing commercial lending and leasing solutions to parts of the economy increasingly underserved as banks are less able to meet the full spectrum of the demand.” Iwoca is reaching nearly 3 million businesses across the UK and Germany through its embedded lending technology, which allows businesses to access loans directly through a range of platforms such as accountancy software apps and digital neobanks. In addition to its Flexi-Loan, the lender offers an omni-channel B2B payment solution – iwocaPay, and a Revenue-Based Loan, which it launched with eBay in 2022, where repayments are a percentage of a business’s monthly sales.

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XBert Announces Groundbreaking Integration with Employment Hero

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Bert, a leading AI-powered practice management platform, today announced its strategic integration with Employment Hero, a renowned HR software and payroll solution. This collaboration is set to redefine the payroll management landscape by offering unprecedented accu-

racy and foresight. "With this new integration, we're not just enhancing payroll management; we're transforming it," said Aaron Wittman, Co-founder of XBert. "Imagine an AI meticulously analyzing every single payroll entry on each pay run. This allows businesses to detect errors, potential fraud, or mistakes be-

Saturday 21st October 2023

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fore they even occur. That's the innovative solution we're proud to present." Previously known as KeyPay, Employment Hero has now fully embraced the capabilities of XBert, ensuring that users benefit from a seamless and efficient payroll experience.

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