A Calgary-based financial technology startup is empowering small and medium businesses to take control of their working capital by solving credit terms and getting them paid for their verified invoices.
Quickly Technologies offers an “Earned Revenue Access” platform to receive all invoices and bills.
How does it work? First, a service provider or vendor sends you an invoice. Next, you review and approve details of the invoice. From there, Quickly pays the vendor on your behalf. To better manage cashflow, you can pay Quickly back later.
This flexible system allows businesses to build vendor confidence and become a preferred partner by closing cashflow gaps, according to Quickly, adding that this can also improve growth of vendors by “supercharging their cashflow” as well as enhance the resilience of supply chains.
“With Quickly’s easy-to-use system, receive early payment and invoicing tools for any business—from professional services to independent contractors,” the company states online. “Accept payments today for invoices due in 30, 60 or even 90 days.”
One case study with US residential energy provider Eversource Electric saw more than 70 invoices paid an average of 28 days early. Using Quickly, Eversource saw over 400% business growth.
“Quickly has helped Eversource grow by eliminating the uncertainty of when we can expect to be paid,” owner Julian Brown stated. “We can accept more work, faster—and no longer have to keep track of every clients payment cycle.”
Quickly is one of 12 fintech firms competing for this year’s annual Digital Commerce Bank Calgary Fintech Award. The award application, initially open only to Calgary-based fintech startups, was this year broadened to include all Canada-based fintech companies.
Last year’s winners included Fillip Fleet and Woveo, two startups that took home a grand total of $310,000 in non-dilutive cash to accelerate their businesses.