12 days of start-ups: DueCourse
The platform enabling small businesses to borrow against their unpaid invoices
Founders: Paul Haydock, Jon Grove and Tim Borden
Launched: June 2015
From experience running their own small business, Paul Haydock, Jon Grove and Tim Borden realised how important managing cashflow can be for small and early stage start-ups, but also how it’s often dictated by the customers’ payment terms.
They decided to put cashflow control back in the hands of businesses and DueCourse was born – a product enabling business owners to access up to 90% of the funds in their unpaid invoices. A daily fee is charged to the user for however long they have the advance, which is repaid with the advance when the customer repays them. The company uses big data and machine learning to produce real-time information on which invoices can be cashed at any time.
Since launching just six months ago, Manchester-based DueCourse has secured more than 500 users and turned over £140,000 through the platform. So far the company has raised £175,000 in angel investment but is looking to raise a further round of investment next year. With many small businesses increasingly turning towards alternative finance to manage their growth, DueCourse’s estimated £3m in transactions for 2016 looks well within reach.