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Be A Know-it-all: The solution to the £61 billion late payment problem has launched

Be A Know-it-all: The solution to the £61 billion late payment problem has launched | Fintech Finance

Know-it, a Scottish fintech start-up, has officially launched their cloud-based credit management platform. Founded by Lynne Darcey Quigley, the new platform gives businesses the tools and intelligence to automate and simplify the way they manage credit risk and the credit control process, helping save time, reduce late payments and allow them to focus on other aspects of their business.

As part of their commercial launch, they will be exhibiting at the sold out Xerocon, at Tobacco Dock, London, on 20th and 21st July in partnership with leading accountancy app Xero.

The platform, which is the first of its kind, allows businesses to credit check and monitor, chase for payment, collect overdue unpaid invoices, and more, all from one place. By partnering with some of the UK’s leading accountancy software and credit reference agencies – such as Xero, QuickBooks, Sage, FreeAgent, and Creditsafe – users can instantly credit check companies, get live data, and real-time updates to monitor customer’s credit behaviour and mitigate potential credit risks.

The platform also gives finance teams and business owners a simple way to check their customers’ credit worthiness. It also ensures customers pay on time through scheduled reminders and customisable chaser emails, letters, and SMS, helping reduce debtor days and increasing cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their commercial debt recovery partner, Darcey Quigley & Co, as well as receive 24/7 case updates.

Lynne Darcey Quigley, CEO, and founder of Know-it, explains: “Know-it is a fresh perspective on a traditional process – while the credit control process hasn’t changed over time, our new unique platform brings together all credit control functions into one place. By removing the need to access and subscribe to multiple different platforms, our cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one easy to use platform, levelling the playing field for SMEs. This is set to transform the way businesses view the credit control process, as it will immediately help them save time and costs by providing real-time data, all from the convenience of one place.

“With the current financial climate mounting huge pressure onto the economy, businesses across the country need all the help they can access. This is a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform. With the launch of Know-it’s platform, businesses of all sizes are now able to Check-it, Chase-it, and Collect-it, all in real-time and without the headache of manual processing.”

The Know-it platform has launched against the backdrop of a global financial recovery and an increasing culture of late payments , which have mounted pressures on businesses and their finance departments. According to recent figures, the UK is expected to experience the slowest economic growth among other developed nations and almost half a million SMEs are at risk of failure as a result of late payments. This bleak outlook for UK businesses only intensifies the need for further support for businesses to gain access.

Following a busy 12 months for Know-it, which saw many high-profile partnership announcements, including VFD Pro, FutureX, and Nimbla, to name a few. Know-it has laid the foundation before launching and is working alongside some of most respected names in the industry. These partnerships will help more SMEs reduce instances of late payments and also help accountants better serve their clients with either a full-serviced or outsourced solution.

Know-it were recently announced as supporters of the Good Business Pays Wait Off campaign, a movement calling for faster payment drive to support small businesses as operating costs soar. The alliance is supported by the Small Business Commissioner, Federation of Small Businesses, CBI, Liz Barclay, British Chambers of Commerce and major banks amongst others.

On the recruitment front, Know-it also announced the hire of Gordon Merrylees, former Managing Director of Business Banking Scotland and Head of Entrepreneurship for Natwest, Royal Bank of Scotland (RBS), and Ulster Bank. Merrylees joined Know-it as its inaugural Chief Commercial Officer in the summer of 2021 following a 36-year career within the banking sector.

Merrylees’ arrival has helped Know-it connect and form crucial partnerships across the UK entrepreneurial ecosystem in particular banks, serial entrepreneurs, industry bodies and the accountancy sector ahead of its commercial launch. The adoption of technology by small and medium sized businesses is massive as Gordon adds “Notwithstanding the many challenges of the current financial crisis post pandemic, technology adoption is a big driver of productivity, however micro SMBs are half as digitized as medium sized firms. We know that using 2 or more innovative, tech solutions such as our Know-it platform to automate their credit control process for example, micro-SMBs benefit from a 25% increase in productivity whilst at the same time are able to reduce their debtor days, tackle late payments and improve their cashflow daily.”

Know-it have also very recently appointed Wendy McMurray as Head of Product, an accomplished product manager and innovator with 20 years’ experience and a proven track record in designing, developing and delivering products in line with strategic priorities. They have also appointed a new Head of Marketing starting in August.

Marketing Director of Fintech Scotland, Mickael Paris adds “We’re delighted to see Know-it launch its exciting and innovative solution. The team engaged with FinTech Scotland early on so we’ve been privileged to witness their journey from ideation to commercialisation. Know-it will play a crucial role in helping businesses improve their cashflow which, now more than ever, can be vital for them to face the current economic uncertainty. Know-it exemplifies how fintech is a real force for good, delivering better outcome for businesses and people. We look forward to accompanying Lynne and her team on their road to success.”

Lynne concludes: “Although this platform has been several years in the making, it was not our intention to launch the Know-it platform during the global economic struggle. Yet there is a timely opening for the platform to provide an additional layer of support for vulnerable businesses at a time when they need it most. Support from automated and effective credit management systems has traditionally been out of reach until now. We hope this pioneering technology will provide businesses with the comprehensive and holistic solution they need to work smarter at a time when businesses are now turning to technology to help mitigate current financial challenges.”

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