Satago provides a financing product that combines dynamic single-invoice financing with a free, online, universally accessible credit control platform for SMEs. Led by CEO and founder Steven Renwick, the company is based in London, UK. More than 1,000 SMEs have signed up to the platform. Satago can currently finance up to £50,000 per client and accepts invoices as small as £500. The company intends to use the new funding to expand adoption of its financing solution. Satago provides an automated credit-control platform that links to customers' accounting software and anonymously shares actual payment-date data among users. The platform automatically monitors receivables and notifies users, aiming to reduce late payments for SMEs and freelancers. Satago says the service helps address UK small-business cash‑flow issues where firms are paid an average of 41 days late. The company launched publicly at TechCrunch Disrupt Europe in Berlin last year and is focused on expanding its automated credit-control offering. To date it has used crowdfunding to seed early growth and has secured additional institutional and angel backing to scale the product and customer acquisition. Satago connects to accounting software (CEO named FreshBooks and QuickBooks) via an API to anonymize and obfuscate invoice payment data so users can report when clients pay. Users control what information is shared; data exchange is the core product and the primary way to populate the platform. The company also offers paid reports for users who prefer not to share data, operating on a credit-based pricing system that is not finalized. Satago launched its product at Disrupt Europe and was developed in seven months using crowdfunding proceeds. The team is three people (two reported full-time) and the platform currently links its data to a database of U.K. companies, so it only works with U.K.-based firms today. Satago plans international expansion and eventually to offer outsourced debt collection to chase late-paying customers on behalf of users.

Total raised

$8M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2016