Blantyre-based fintech Know-it has teamed up with Scottish Edge to help firms and entrepreneurs, saying it is keen to give back after being a winner in the business funding competition.

Know-it, a Scottish EDGE round 18 winner in 2021, and a cloud-based credit-management platform that it says it streamlines credit control, enabling users to credit check and monitor, chase for payment, collect overdue unpaid invoices and more, working with the likes of Companies House, Unsecured Creditors, Sage, Xero, QuickBooks, and FreeAgent.

It adds that it is providing access to its platform free of charge for 12 months to all previous fellow winners, saying companies are finding it increasingly difficult to manage their cashflow amid a host of economic headwinds. The fintech said the partnership helps firms get paid quicker through automation, freeing up time to focus on other priorities.

Know-it added that Scottish EDGE is a funding competition to identify and support Scotland’s innovative, high-growth potential entrepreneurial talent and has over the last 19 funding rounds helped support and create 2,500 jobs while it has backed 515 entrepreneurs with more than £20 million of investment. It last month reopened for submissions for its 20th round of funding in the last eight years.

Lynne Darcey Quigley, founder and chief executive of Know-it, said: “As a recent Scottish EDGE winner, this is an opportunity to give back to support other entrepreneurs giving them access to a fantastic credit-management solution.

“There’s never been a better time for a digital solution such as Know-it to support early-stage start-ups and entrepreneurs such as Scottish EDGE winners.”

Evelyn McDonald, who leads Scottish EDGE, said: “There are lots of challenges facing [small and medium-sized enterprises] at the moment including rising fuel costs, inflation leading to interest rate rises on loans, pressure to increase salaries, increased manufacturing and distribution costs and coronavirus support loans kicking in. There is a high risk that late payments will increase, and company insolvencies are predicted to go up by 33 per cent this year alone.

“In addition, sometimes, when a business is at an early stage, they will be so excited about working with a customer that they won’t do the appropriate checks before engaging. The Know-it platform, developed by one of our EDGE winners, will ensure EDGE winners ‘know’ exactly who they are doing business with.”

This article was first published by The Scotsman.