B2B payment terms innovator Cloudfloat announced it has secured a deal with Accounts Receivable management business ezyCollect to offer its customers 30, 60 or 90-day payment terms as one payment option through ezyCollect’s platform.
ezyCollect is a SaaS company founded in 2016 that automates the order-to-cash process and creates a complete ecosystem for disciplined credit control. ezyCollect is trusted by businesses in over 18 countries to simplify debtor and payment management.
Highlights of Cloudfloat and ezyCollect partnership deal
▪ Leading full-stack accounts receivables platform ezyCollect appoints Cloudfloat as B2B payment option for SME customers with US launch imminent
▪ Businesses using ezyCollect can now select Cloudfloat payment terms to settle invoices instantly, in addition to existing payment options
▪ ezyCollect manages over $12bn in receivables for users of its platform, businesses with ezyCollect typically reduce their overdue outstandings by 43% in their first 12 months
▪ Cloudfloat poised for growth surge with $350 million transaction capacity following the $30 million debt facility secured with AURA Group.
Cloudfloat gains market foothold
Cloudfloat founder and CEO Aleem Habibullah welcomed the arrangement saying it would put Cloudfloat in front of ezyCollect’s customers globally, with receivables of over $12 billion, as an easy instant payment option for their outstanding invoices.
The partnership represents a significant coup for Cloudfloat which will be a preferred provider of SME finance on ezyCollect’s platform. In the past year, ezyCollect reached more than 350,000 businesses in Australia through its customer base.
“This is great news for Cloudfloat and the timing is perfect. In December we boosted our annual transaction capacity to $350 million by securing a $30 million debt facility from Aura Group. Being part of ezyCollect’s selected offerings to its huge customer base is the perfect platform from which to fuel our next phase of rapid growth,” Mr Habibullah said.
Co-founder and Director of ezyCollect Arjun Singh said Cloudfloat was a logical fit for its platform, “ezyCollect exists to free business owners from the time-consuming and stressful process of managing the order to cash process and increasing their cashflow.”
“We automate onboarding, risk assessment and chasing payments, enabling them to return to the productive work of managing their businesses. Clients can choose between traditional finance, bank transfer, credit card and now Cloudfloat to settle outstanding invoices.”
“Cloudfloat gives them flexible payment terms for a single, up-front fee. It’s a secure and cost-effective option that complements ezyCollect’s existing suite of partner offerings.”
“We are delighted to have recruited Cloudfloat as a key service provider on our platform. Their reputation for low counter-party risk and high client satisfaction levels is entirely consistent with our approach to supporting our SME clients to get paid faster.”
Mr Habibullah said both Aura Group and ezyCollect were highly selective about the businesses with which they partnered, which is a great vote of confidence in Cloudfloat’s model.
“Both Aura, in providing us with a substantial debt facility, and ezyCollect in making us part of their payment ecosystem, have provided both the transaction capacity to ensure a strong growth curve. As we enter the new year, we are now fully equipped to scale up.”
“We are looking forward to growing our transaction volume by capturing a greater proportion of the available $12bn in receivables. We will focus on strengthening our relationship with ezyCollect by extending our range of products designed to make cashflow instant.”