Business Gateway helps financial risk platform launch new product
Business Gateway has helped an automated credit management platform launch its first product, released in September this year.
Know-it is a credit management platform, based in Glasgow, which helps give small businesses the ability to mitigate credit risk, increase cashflow and reduce debtor days. Their eponymous new product has three functions; Check-it, Chase-it, Collect-it and aims to help SMEs tackle the £61bn late payment problem that is putting UK businesses at serious risk.
By working with their business manager, the team, led by founder Lynne Darcey Quigley, were introduced to Business Gateway. Through the service, the team was able to broaden their awareness about potential funding options and receive support throughout the application process of such opportunities. As a result of this guidance from Business Gateway, Know-it won grants with Start-Up Summit and more recently, Scottish EDGE, a competition aimed at identifying and supporting Scotland’s up-and-coming talent. The prize included a grant of £90,000 which Know-it will use to further develop the platform and expand into international markets.
Their local adviser also introduced Lynne to local networks and referred the business onto relevant support services, including Scottish Enterprise and FinTech Scotland.
Lynne said, “Business Gateway helped increase our knowledge about the funding landscape in Scotland and what we might be able to access as we set about launching our product.
“As we set about bringing our product to market, we have continued to work with Business Gateway and build productive relationships that place our business in a strong position to pursue a growth strategy for 2021 and beyond.”
As well as signposting to other agencies and funding providers, Know-it accessed 1:1 business support, innovation help and free market research reports through Business Gateway’s service that supported the definition of target markets throughout the UK and internationally. The business also received access to grant funding through the DigitalBoost Grant Fund, delivered through the Scottish government but accessed through Business Gateway, which will further help with the development of the software and accelerate the product launch.
John Strachan, Business Gateway adviser, said, “Like many other businesses, Know-it were impacted by the pandemic which brought delays to their product launch. Given this, it’s excellent to see how they have been able to move forward and bring their platform to market, where it will help small to medium enterprises manage risk and increase cashflow.
“By working with Business Gateway, Lynne and the team have been able to further bolster their business plan, and moving forward, the business will continue to be supported by our team of advisers as they grow.”
This article was first published by Business Money.