Scottish fintech Know-it has revealed plans to launch its cloud-based credit management platform in Australia in 2024.
Know-it aims to deliver its credit management solution to the Australian market, to ensure that SMEs across the country have access to the platform – making it easier for them to effectively manage their credit control process.
The fintech has established an impressive track record of helping businesses minimise late payments and boost cash flow and Know-it now views itself as well-positioned to significantly impact the fintech industry in Australia.
Know-it’s platform streamlines the credit control process to enable its users to credit check and monitor, chase for payment, collect overdue unpaid invoices, insure invoices with trade credit insurance and get invoice finance all from one place.
It has partnered with the likes of Creditsafe, Sage, Xero and QuickBooks in the past to provide businesses with essential real-time credit information, upload sales and purchase ledger and automatically send payment chasers when invoices are due.
“Australian businesses face the same issues as UK businesses regarding late payments”
Lynne Darcey Quigley, CEO and founder of Know-it, commented on the launch plans: “Australian businesses face the same issues as UK businesses regarding late payments and manual credit control.
“Automation is crucial to ensure a steady cash flow and efficient financial processes. This is an opportune moment to implement such solutions.
“Our platform enables companies to perform credit checks, automate payment chasing, collect overdue invoices, and more in one place. Doing so mitigates credit risk, reduces debtor days, and enhances company cash flow. At Know-it, our ultimate objective is to expand our services globally and assist SMEs worldwide in realising the importance of automating the credit control process. This automation is crucial not only for business survival but also for achieving success. The Australian market will be the first step for us internationally and we are all excited to see where the journey takes us afterwards.
“We aim to demonstrate to Australian business owners, especially SMEs, how fintech can safeguard business continuity during the turbulent economic conditions currently affecting SMEs on a global scale. Our team is thrilled to begin collaborating with local businesses, assisting them in securing cash flow by addressing late payments, decreasing debtor days, as well as automating their entire credit control process.
“As the financial climate continues to put immense pressure on the economy, businesses in Australia need all the help they can get. It’s a critical juncture where technology can step in and offer a helping hand through an affordable and innovative credit management platform. In the past, smaller businesses lacked the necessary resources to automate this process, leaving many vulnerable to late payments and financial fraud.”