Verolt Engineering Ltd
ABOUT VEROLT ENGINEERINGVerolt is a unique company with a real expertise in mechatronics and software development particularly for HMIs (Human-Machine-Interface devices) and ADAS (Advance Driver Assistance Systems). On a fast growth trajectory from their start in 2018, Verolt decided to use Invoice Financing to supply the working capital critical to build their business. They chose Accelerated Payments as their partner and haven’t looked back.
THEIR CHALLENGEVerolt Engineering is a young company with highly skilled software developers, UX/UI designers and engineers based in the UK and in India. They deploy their software in the automotive, consumer durables and industrial sectors. Thankfully they have not been impacted too much by Covid 19 and continue to onboard clients with a need for their skillset. From their inception, invoice finance was identified as an important tool to fund their fledgling business.
“I don’t think early stage businesses would run when cash is uncertain. Invoice Finance is a very critical part of our business – it’s inevitable working capital management,” said founder and CEO, Sam Bose. Having previously managed and sold a large enterprise, Sam knew the importance of having predictable cash flow. He set out to find a finance partner to work with Verolt to help them grow and was introduced to Accelerated Payments.
- Verolt Engineering has control and predictability over their cash flow
- There is a working capital mechanism in place to fund the rapid growth of the business
- New customers can be onboarded with confidence
Verolt Engineering has been using Accelerated Payment’s invoice finance facility since they started in November 2018. Sam Bose says, “Business is all about being predictable. If I raise invoices on the 31st of the month, I know the latest I’ll have cash in the system will be the 12th of the following month. So that predictability is very important for a small business such as ours”.
“The service I have from Accelerated Payments is absolutely fantastic. It really is good”. Sam goes on to explain that there are three things that are key for his business. One is speed. “There have been multiple occasions where I have sent out an invoice and I have got paid on the same day, so the speed is brilliant”.
The second is flexibility. Access to funds is a matter of life and death sometimes, and financiers need to understand what’s going on. “Accelerated Payments are very sensitive with the way you have to deal with my customers. If the customer says look, I don’t have my accounts ready, you have to understand it. That understanding is very good at Accelerated Payments – they don’t come back to me and say this is our norm so we can’t do it. That flexibility and understanding sets them apart for me”.
And third, is the clear escalation in place to support him. “The moment I escalate it gets a result. For a small company that’s invaluable”.
“There have been multiple occasions where I have sent out an invoice and I have got paid on the same day, so the speed is brilliant”.