Payful, a new startup dedicated to eradicating late invoice payments across B2B transactions has secured its place on Enterprise City’s ‘Exchange Support Scheme’. As part of the selection, the fledgling Manchester-based FinTech will now move its offices to the city’s famous Bonded Warehouse.
The ‘Exchange Support Scheme’ will help Payful as it begins to scale and grow operations ahead of an imminent pre-seed fundraise. The accelerator is now in its third year, having supported 44 businesses in the past year alone. Moving forward, Payful will benefit from this experience and gain access to new networking opportunities. The company’s selection also confirms its place among other exciting startups in Manchester’s emerging FinTech scene.
The transformational business, started by founder, Andy Taylor, has been designed to address late invoice payments, a real challenge within the world of B2B transactions. Unfortunately, the issue continues to affect the economic viability of many businesses. In fact, the Federation of Small Businesses (FSB) recently warned that as many as 50,000 businesses could go bust in the near future as a direct result of late payments.
By building innovative proprietary technology, which can score invoice payment performance, Payful is offering an inventive solution to this long-standing problem. With the company’s service, businesses can showcase an independent assessment of their invoice payment performance. In turn, companies can then demonstrate a proven track record to prospects, clients, and suppliers, which helps to build trust.
Speaking on the company’s growing success, founder and CEO, Andy Taylor commented: “Payful’s selection on the ‘Exchange Support Scheme’ is affirmation of our growing reputation and underlines the level of interest in our groundbreaking invoice payment scoring solution. As a business, we’re devoted to tackling the challenge of late payments head-on and have made it our mission to eliminate the issue across the globe by 2032.”
Commenting on the company’s news, Alice Glover, Community Outreach Lead at Enterprise City said: “Payful is a brilliant addition to the scale-up community and cluster of fintechs we have created at Department Bonded Warehouse. The team’s ambitions match that of ours in creating a generation of tech businesses that will change the current status quo in their respective industries. Andy and Payful also share our desire to support SMEs and enable them to thrive. We’re excited to see what is next and support them as they scale and grow throughout the next six months.”
Following the aforementioned selection, and its move to the Bonded Warehouse, Payful is now planning an official global launch later this year, which will see its service go live in 180 countries. This expansion will be supported by the ‘Exchange Support Scheme’ and bolstered by a recent beta program in Britain and Cyprus, which verified the company’s ability to accurately identify businesses that can be relied on to pay invoices on time.