Know-it, the all-in-one credit management solution for businesses, has partnered with Scottish EDGE to support Scottish firms and entrepreneurs, helping them mitigate credit risk, reduce debtor days and increase cashflow. Scottish EDGE is a funding competition to identify and support Scotland’s innovative, high-growth potential entrepreneurial talent. It is a trusted organisation providing first-class support to entrepreneurs and businesses across the region. Holding a prominent and established role at the heart of Scotland’s ecosystem, the competition helps innovative and high-growth potential start-up/early-stage companies and up-and-coming entrepreneurial talent.

Over the last 19 funding rounds, Scottish EDGE has helped support and create 2,500 jobs and supported 515 entrepreneurs with over £20M of investment. Know-it, a previous Scottish EDGE round 18 winner, is now giving back to Scottish businesses and entrepreneurs by providing access to their all-in-one credit management platform free for 12 months to all previous Scottish EDGE winners.

With insolvencies increasing, inflation rising, interest rates increasing, and CBILs and Bounce Back Loans/Recovery Loans now needing to be repaid, businesses big and small are finding it increasingly difficult to manage their cashflow. Now, with this new partnership, Know-it will be on hand to support businesses, helping them make more informed credit decisions, automatically chase overdue invoices and to recover late payments, ultimately boosting their cashflow. Know-it makes effective credit control solutions more accessible to SMEs, helping them get paid quicker through automation, freeing up time to focus on other aspects of their businesses.

Know-it Founder & CEO Lynne Darcey Quigley 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.”

Evelyn McDonald, CEO of Scottish EDGE, said, “There are lots of challenges facing SMEs 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% 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.”

Lynne concludes, “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. At Know-it, we help businesses know their customers, mitigate credit risks, reduce their debtor days, and as a result, increase their cash flow.”

This article was first published by Fintech & Finance News.