People’s Champion finalist 2016: Ormsby Street
Creator of CreditHQ, Ormsby Street wants to help resolve late payments issues for small businesses. Does it get your support for People’s Champion?
Start-up name: Ormsby Street
Founder: Martin Campbell
Started in: January 2014
Based in: London
Business description: Creator of the digital tool CreditHQ which enables businesses to credit check customers and partners
The Ormsby Street story:
A serial entrepreneur, Martin Campbell was only too aware of the stress caused by late payments and non-payments of invoices. And he knew he wasn’t alone.
With many small businesses not thinking to credit check customers or partners, Campbell set about building a product – CreditHQ – to address this and ultimately put small businesses “in control of their cash”.
Using multiple data sources to credit data on more than seven million businesses, CreditHQ seeks to address late invoice payments and poor cashflow by providing insights into how businesses should trade with customers and what action to take to reduce the risks of non-payment.
Launched in 2014, CreditHQ now has approximately 27,000 small business customers in the UK, Italy and Germany via partnerships with Deutsche Bank and Williams & Glyn, and claims to be one of the UK’s leading fintech firms.
According to Campbell, no other organisation in the world is bringing big data to small businesses to help address late invoice payment in this way; by bringing together data on customers, insight explaining what that data means and what to do with it, and tools enabling invoices to be chased effectively.
With new overseas markets, bank partnerships, and further technological investment in the pipeline, Campbell is intent on maximising the reach and bringing the benefits of CreditHQ to as many businesses as possible.
Why Ormsby Street made our shortlist:
Research shows that the UK’s small businesses are owed a staggering £255m in late payments so Orsmby Street’s credit checking tool CreditHQ offers a much-needed solution to a growing problem. An award-winning product, it’s easy see the potential for CreditHQ to scale globally.