Grapple, My Accounts partner for SME financing
B2B payment and financing platform Grapple and accounting firm My accounts and formed a partnership to help small and medium-sized enterprises (SMEs) apply for funding.
The two Sydney, Australia-based companies are joining at a time when poor cash flow and high cash utilization are among the leading causes of business failure, according to a Monday (August 1). Press release.
“My Accounts and Grapple aim to reduce these causes and increase the volume of successful loan applications,” the statement said. “My Accounts will improve record keeping, making crucial data available to business owners and potential financiers, while Grapple will work to improve cash flow by increasing working capital.”
The detailed data from My Accounts, coupled with increased working capital from Grapple, will help SMEs create new opportunities in a responsible and transparent manner to drive business growth, according to the release.
“Small businesses in Australia often struggle to unlock their true potential simply by letting their finances fall behind,” said the managing partner of My Accounts. Tiufino Christmas in the statement, adding that his company will provide current financial data for evaluation alongside Grapple.
The partnership will also include ongoing accounting support for these applicants after they are funded, which the founder and CEO of Grapple Stephen Dawson said in the release guarantees customers a base to grow.
“Far too many SMEs and their accountants remain frustrated with the cumbersome approvals, paperwork and administration of large institutions’ current funding systems,” Dawson said.
The news comes weeks after Grapple launched a pair of B2B payment solutions designed to help SMBs improve their cash flow: Grapple Pay and Grapple Now.
Read more: Australian Grapple launches B2B payment solutions for SMEs
In a recent report, PYMNTS highlighted the lack of financing alternatives as one of the main problems affecting SMEs.
See more : SMBs struggle to overcome four frictions related to commercial payments
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