With Oracle Database Cloud Service as our platform’s production environment, we can be sure that our data is safe thanks to an architecture with multiple security domains and privileges. This is critical to our success, as we can’t afford to lose a single piece of financial information.
PeerPay is a British micro-company founded in 2015, which has launched FloFunder, a new cloud financial technology collaboration tool for accountants.
The tool enables companies and high-net worth individuals to help vetted, established, small and medium-sized enterprises (SMEs) within the closed and safe environment of an accounting firm’s community, with short-term cashflow by participating in cash flow asset based financing by way of selling and buying the rights under verified invoices.
Businesses submit invoices created in their accounting system and present for matching against pre-defined investment profiles of funders. The fully automated matching algorithm uses artificial intelligence to spread the risk across tens, or hundreds of funders that are members of that community.
PeerPay’s research showed that one of the more common causes of business failure is when a company’s cash flow cannot keep up with its financial needs. In such situations, even viable businesses and those on rapid growth curves are forced to close, as banks are reluctant to risk lending to start-up companies or to SMEs which do not have a long credit history. In an attempt to stay afloat, companies are forced down the expensive route of invoice factoring—selling their accounts receivables to a bank at a sizeable discount—to meet their immediate cash needs. PeerPay recognized that in order for these companies to survive and grow, they need greater choices beyond the standard offerings from banks.
Accountants’ ultimate goal should not just be accurate, real-time accounting, but contributing to the business success of all their clients. It was with this background that PeerPay developed FloFunder so that accountancy firms have a new value add tool at their disposal for their own client base.
PeerPay needed a reliable, secure, enterprise-class database to underpin the Cash Flow Funding platform it was developing, combined with speedy procurement and implementation in order to respond rapidly to the fast-paced financial services market. The company selected Oracle Database Cloud Service and was able to purchase and begin using the service within hours.
Oracle Database Cloud Service provided PeerPay with a powerful, reliable, secure, and scalable production environment for the lending platform, without the need to purchase and manage additional IT infrastructure. By using Oracle’s Accelerated Buying Experience, PeerPay simplified and accelerated the procurement process—creating, sending, and approving the contract for the database services within minutes. The speed and ease of the purchase enabled PeerPay’s small team to shorten time to market and focus on preparing for the all-important product launch.
Thanks to the efficacy of Oracle and the flexibility of Oracle’s cloud services, PeerPay is able to rapidly develop their collaborative financial technology platform that automates cash-flow borrowing for businesses. The platform will automatically syndicate funders, spreading their risk across many different sellers, while enabling them to choose risk profiles as well as the length of time and amount of investment. Importantly, the innovative cash flow model will provide a low-cost financing alternative for companies at a time when they need it most—helping to avoid potential business closures and damage to the economy through missed growth opportunities.
We chose Oracle Database Cloud Service because we needed a highly-secure, easy-to-deploy, enterprise-class database for our new cash flow funding platform. Oracle’s Accelerated Buying Experience shortened our time to market, approving the contract within minutes, and everything was set up within hours.