Company: Know-it
Founder(s): Lynne Darcey Quigley
Website: https://know-it.co.uk/
Description: Know-it was founded in 2019 to give SMEs access to a full end-to-end credit control process to help them make mitigate credit risk, reduce debtor days and increase cashflow. It works by bringing together the 3 key elements of the credit control process, we like to call the 3C’s; Check-it, Chase-it and Collect-it.
About Know-it
Know-it was founded in 2019 to give SMEs access to a full end-to-end credit control process to help them make mitigate credit risk, reduce debtor days and increase cashflow.
It works by bringing together the 3 key elements of the credit control process, we like to call the 3C’s; Check-it, Chase-it and Collect-it.
-Check-it: Facility to credit report and monitor, alerts to any changes to your customers behaviour through real-time integrations with several public and third-party data sources.
-Chase-it: Automatically chase overdue invoices using customisable email, letters and SMS, seamlessly synchronising with your accountancy package.
-Collect-it: Helps facilitate the collection of unpaid and overdue invoices through our partner Darcey Quigley & Co, UK leading commercial debt recovery specialists.
UK SMES are currently owed over £61 billion in late payments, a 20% increase since March 2020. According to the FSB 400,000 businesses are at risk of failure as a direct result of not being paid on time. Know-it will ensure people have a robust credit management process no matter the size or industry. We want to help businesses save money on subscriptions on multiple platforms.
One of the biggest challenges they’ve had to overcome is getting the right personnel in key positions. They’re an extremely ambitious company so building a leadership team to guide them on this journey and getting the calibre of developers required has been slower than expected but they are making progress now with a fantastic team.
First things first their priority is to help resolve the crippling late payment problem that is impacting so many businesses in the UK.
They launched our beta at the end of last year and received a lot of praise and some valuable feedback. Their major launch is taking place at Xerocon in July! They want to make Know-it the best platform it can possibly be so they’re always optimising the platform and working on bringing even more features to the table that will all help businesses maximise their cashflow!
Late payments are a global problem. They have big plans to expand globally beginning with markets such as the US, Canada, Australia and New Zealand.
Another big plan for them involves seed investment. It will be used to develop and launch new features they have planned that will help businesses maximise their cashflow to combat late payments.
They’re in the process of developing their mobile app and investment will help accelerate the development and launch of this.
Acquiring new users will always be a priority of so they will be allocating a large proportion of investment to marketing spend.
Some notable achievements have include being featured in Digit’s one of 15 tech companies to watch in 2022. They have also picked up several awards in the past year, including Scottish EDGE Round 18 Winner, Start-up Summit winner 2021, AccelerateHER FinTech, Data Science & Cybersecurity Winner 2022, FSB finalist for Start-Up Business of the Year award 2022, Tech Nation Rising Star Scottish Finalist 2022 to name a few!
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