Alec Dobbie, CEO and co-founder of FanFinders, had previously spent much of his career as a software developer. He set up Fanfinders in 2013, a platform for connecting new parents with all the best deals, after becoming frustrated at the intrusive nature of some marketing companies following the birth of his first child.
FanFinders now showcases some of the top baby and child brands, offering deals to new and expectant parents. The company differentiates itself from the rest of this booming market by only passing information to the brands selected by the consumer.
The need for funding
As a growing company, cash flow is an ongoing concern for FanFinders. It now employs around 15 people and aims to double its turnover in 2017. Working with larger brands means longer payment terms are more of an issue, as it still needs to quickly make payments to suppliers and pay staff.
FanFinders assessed invoice finance alongside a range of other finance options, but decided on MarketInvoice because of the speed at which we could set up their facility and the range of their customers that we could finance against.
Alec said “other lenders could often fund our invoices to the big household names, but we also work with smaller agencies and organisations. MarketInvoice could fund against most of our ledger, which was hugely helpful.” FanFinders first started using the MarketInvoice Select service back in 2015.
Since then it has upgraded to MarketInvoice Pro, saving time and money for the business. “We were trading our invoices around three times per month” said Alec, “We decided to switch to MarketInvoice Pro because of the extra efficiencies it offered in terms of saving time, and offering consistent funding at a fixed cost.”
MarketInvoice’s integration with Xero
FanFinders uses online accounting software Xero to manage its accounts. “As an online business everything we do is in the cloud, so all of our processes need to be easily accessible at all times and work together” explained Alec.
“The integration between Xero and MarketInvoice works brilliantly for our business” he continued, “It takes all of the admin burden out of the process. Instead of having to upload and verify individual invoices we can get funding at the click of a button.”