Published in The Australian on February 4, 2020
- ezyCollect completed a A$7.1 million funding round in November 2019
- The platform now helps 1,000+ paying businesses across 24 countries collect payments with A$1.7 billion in receivables under management
- A majority of businesses using ezyCollect see a 11-day reduction in late payment, giving them the additional funds & confidence to grow faster
SYDNEY, Australia – February 4, 2020 – ezyCollect, an Australian-owned end-to-end order-to-cash platform, has raised $7.1 million to help any business collect payments faster from its customers – an endorsement of the fast-growth company.
ezyCollect raised capital in two rounds over the last 15 months, with investors including Tankstream, Artesian, Macdoch Ventures, Sydney Angels and the family office of Adrian Di Marco, founder of Technology One.
“My investment in ezyCollect is an opportunity to make a real and significant impact on one of the most draining and costly aspects that small to medium businesses face – recovering payments from debtors in a timely fashion. ezyCollect is a powerful and innovative global SaaS solution that automates and streamlines the recovery of debt making life incredibly simple for business.” said Mr Di Marco.
“I believe the strong foundation ezyCollect has built since their very successful capital raising will allow them to deliver their platform internationally to become a hugely successful global SaaS company.”
The platform was built from the ground up by founding partners, AJ Singh and Raj Kuckreja in 2015, who recognised the world of collecting cash was not being facilitated by the traditional means of collecting payments and recovering debts.
“At the time, I was managing a family medical supplies wholesale business. Raj was working with me as an accountant in that business,” said Mr Singh. “The business grew, but cash collection became an increasingly large problem to manage. We hired people, took out loans, and were struggling under the costs of these traditional tactics to make cashflow work.”
“The cashflow conversations were getting more painful as the business grew,” said Mr Kuckreja. “The real issue was a lack of a systematic collections process that incorporated existing accounts staff and
technology to enable automation. Even though the company was listed on BRW’s Fast 100, customers were paying late and there was not much we could do apart from follow up invoices – which became a mess because the business couldn’t afford to keep hiring staff to chase up payments.”
Together, Mr Singh and Mr Kuckreja started their ‘ultimate wishlist’ for a dream software platform that would solve the pain of late payments.
Jane Evio, Head of Customer Success, joined the business in 2016 to support the business in its accelerated growth phase. “The business underwent incredible growth as early customers saw the difference in cashflow was like night and day,” said Ms Evio. “We welcomed our first paying customers
in 2015, and today we help more than 1,000 businesses across 24 countries to collect cash faster using ezyCollect.”
To ensure rapid uptake in a customer base saturated with accounting platforms, the co-founders knew they would need to build a platform that allows small businesses to systemise and customise their payment collection processes via an add-on, rather than a separate system to existing software packages.
ezyCollect succeeds by being easy to set up. Within two minutes a customer can connect their existing accounts software to the cloud-based app and receive immediate assistance from ezyCollect customer service to help setup so data flows immediately to the payments collection process. The company now has the depth of credit and trade data to help predict customer risk, thereby reducing the chance of late payment and bad debt.
“In this way, we provide SMEs a way to automate everything through the system, creating consistency across their entire collection book – from sending SMSs and having an employee make calls at the right
time, to cutting off recalcitrant debtors – while ensuring the right information is at their fingertips throughout the entire process. Small businesses were previously unable to do this at scale,” said Mr
ezyCollect simplifies debtor management so businesses simply get paid f aster. ezyCollect automates the order-to-cash process and creates a complete ecosystem for disciplined credit control. After seamlessly integrating with accounting or ERP software, ezyCollect simply gets to work:
● Automates a sequence of personalised payment reminders sent via SMS, email, post.
● Provides real-time credit scores and predictive risk analysis of debtors so suppliers can make informed credit decisions
● Maps all debtors’ invoices for high visibility and a single view of overdue accounts.
● Tracks and chases every invoice to payment.
● Offers debtors easy pay options, including online credit card payments.
● Provides quick access to credit check reports, pre-legal demand letters and debt collection agents.
ezyCollect gets businesses paid faster, gets them paid more often, all while reducing the actual time and effort invested into the process. To learn more, visit www.ezycollect.com.au or follow on Twitter, LinkedIn or Facebook.
T: +61 2 8016 2200