FundX has announced its official launch in the midst of the Christmas sales period, attempting to assist small businesses in their payment receiving processes.
“For many businesses, Christmas is their peak sales period but the time period between investing in stock and receiving payment can be many months. Businesses that can invest in extra stock at the right time can reap the greatest revenue,” the company said.
David Jackson, FundX founder, said the company had been assisted by KPMG in developing a system specifically designed to enhance the operations of small business.
“With our system, having worked on a risk assessment algorithm with KPMG and through using our company’s own cloud-based invoicing history, we can provide an answer within one minute and cash the next day,” said Mr Jackson.
“Using the FundX approach, we have offered invoice finance that has allowed the business to invest in stock and maximise its return from the crucial Christmas period,” he added.
According to Mr Jackson, the traditional market for SMEs to find short-term lending solutions has been extremely limited.
“Invoice discounting is worth more than $120 billion per year in this market alone, but the steps to obtaining it can be onerous,” he said.
FundX, supported by Sydney-based incubator and accelerator BlueChilli, also recently secured a round of seed investment form ASX-listed Collaborate Corporation Limited, which also provides access to Collaborate’s PeerPass platform.
“FundX is able to leverage Collaborate’s peer-to-peer and marketplace skills and knowledge, while we simultaneously address significant opportunities in the fintech sector,” Mr Jackson said.