Formulate has been going for 5 years with a focus on expansion in the last two years, moving from 2 people to almost 10 during that period. Over this time, we have been selected by some of the UK’s most prominent brands such as RBS, Department of Education, L’Oreal, Grolsch and many others to create and market their web applications - an achievement we are hugely proud of. More recently, this expansion has taken a further turn through the creation of a joint venture company with one of the City’s most recognised firms to build a world beating product for release in 2017, but that’s all we can say about that right now.
As a small but innovative company, our challenge was to ease the cashflow issues which arise from expansion. We’ve never had so much as a credit card through careful cash management and sensible forecasting, however, as much as I love our larger clients, paying invoices in a set period isn’t an attribute they would win too many awards for in many cases.
So, I wanted to find a cash flow solution without the pain and suffering that would result in trying to go through the process with a bank and I say this as a company who works with banks every day, but they know the issues too.
Naturally, I turned to Google. I have to admit it was a shot in the dark at the time as aside from invoice financing companies which would not be right for us, I didn’t know the service existed, but happily Growth Street popped up on a paid search and off I went.
Now this isn’t an exaggeration, but within 30 minutes between myself and Elissa, our CFO, with the help of the wonderful and extremely helpful Shafi Islam on the phone and live chat, our application had been submitted. No posting forms, taking photos of forms with my phone, signing my house away as security, none of that. Simple. Perfect, that’s how it should be.
One week later and our facility was in place. And still no posting of forms! Brilliant.
Working with Growthstreet was just how it should be - pain free and quick with constant communication and no hidden surprises. Their web portal and use of technology such as 2 factor authentication through text messages makes cash flow management a pleasure, well almost.
At the very least, it was a sparkling difference to any experience I've had with a bank and has assured me that cash flow management for the cloud era is officially here for innovative startups like ours.
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