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Peer2Peer Finance News | October 23, 2017

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PeerPay partners with CaFE to tackle SME cashflow issues

PeerPay partners with CaFE to tackle SME cashflow issues
Suzie Neuwirth

PEER-TO-PEER invoice finance platform PeerPay has partnered with cashflow monitoring application CaFE to help small- and medium-sized enterprises (SMEs) manage their finances.

The FloFunder service from PeerPay enables small businesses to sell their invoices to larger businesses or high-net-worth individuals. FloFunder integrates with the key accounting software packages typically used by smaller firms, so that companies looking for funding can be linked to cash-rich firms of individuals within the accountant’s own client portfolio or the wider FloFunder community.

CaFE’s app similarly links to accounting software and analyses the firm’s financial data to predict the company’s cash position over a three-month period. Using a simple traffic light warning system, the app highlights when the company may be running out of cash.

Read more: Invoice finance has soared by £8bn since credit crunch

“Cashflow monitoring is a useful application but is even more useful if it has a solution attached,” said David Ireson-Hughes, founder of FloFunder.

“By joining forces, SMEs and their advisors can now not only predict a problem in advance, but also find the funding required to prevent a crisis from becoming something more serious.”

Read more: Growth Street to expand data tools to attract SMEs

“Keeping on top of cash flow is one of the biggest challenges for small businesses and yet one of the hardest for an accountant or book-keeper to support without easy access to up to date information,” said Makoto Fukuhara from CaFE.

“CaFE solves that problem technologically and, when applied with FloFunder, allows the advisor to proactively suggest a solution. Thousands of small businesses could now be saved from the withering effects of an unforeseen cash crisis.”

Read more: MarketInvoice: One third of UK firms facing cash squeeze