FundThrough, an invoice funding platform for small and growing businesses, has reached a milestone of funding more than $30 million in client invoices since launching in 2014.
FundThrough says that it has seen 10 times its new business growth in the past 12 months. The company’s offering enables customers on its platform to get their outstanding invoices paid in as little as 24 hours with a click of a button.
More than 85 per cent of FundThrough customers are repeat funders, the Canadian company says, with each customer already funding invoices on average, 23 times after initial sign-up. FundThrough can be used equally by companies that sell goods or services with 60 per cent of today’s volume coming from service-based businesses and 40 per cent from those selling goods.
“The real value of FundThrough is that we are eliminating payment terms, so businesses that have worked really hard to deliver a good or service no longer have to wait to get paid,” said Steven Uster, a cofounder. “FundThrough allows small and growing businesses to offer great terms to its own customers but now puts control of when they actually receive those payments back into their own hands.”
As part of FundThrough’s growth strategy, Mitch Solway was recently appointed to the newly-created role of vice president of marketing.