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Digitizing business lending — How does invoice financing work? And why going digital changes the game.


Invoice financing is a new and exciting concept for small businesses wanting to access cash. It enables SMBs to access money they’ve already earned NOW without having to wait for outstanding invoices to be paid next week or the week after or when all else fails and that strongly worded email is written. 

  • Businesses that need a cash top up get fast and efficient access to funds they have already earned with outstanding invoices. 

  • Reduces the need to take out loans against the capital of their business 

  • Businesses can take on larger contract/clients with less short term cashflow complications 

So how does it work? 

Businesses provide their invoices to an invoice financing lender like FundTap. This can be done manually or through accounting apps for a much faster, less painful experience for the business. 

FundTap Founder and CEO Matt Peacey said, “Our system integrates with the four main accounting software providers to streamline the application process and automatically syncs outstanding invoices to ensure ongoing requests for funds is quick and seamless” 

And there you have it, customers are left with a lump sum and cash injection to handle short term cashflow, unexpected expenses or opportunities for growth. 

Technology helps to speed up the process by enabling businesses to login and connect accounting applications. This means no more manual downloading, printing, and sending of documents, but a few clicks online and away we go. 

“Almost all of FundTap’s KYC/AML process has been digitized using Machine Learning. This ensures a quick application time and reduces a number of manual processes a normal approvals team would have to undertake”. 

Invoice financing using open data is fast and efficient and significantly speeds up the lending process. “[Clients] no longer have to spend the time compiling 12 months’ worth of bank statements, last year’s financial statements or up to date management accounts”. 

  • Access to On Demand finance has increased FundTap customer turnover by 54% over last two years 

  • Take loan application renewal from up to two weeks to minutes from applying 

9Spokes can help the digitization of lending using 9Spokes Open to connect accounting and other applications with your financial business. Open acts as the pipes to feed data from app to business through a single API, dramatically changing the way applications are approved just like FundTap.  

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Photo by Towfiqu barbhuiya on Unsplash