The launch of Know-it

Be A Know-it-all: The solution to the £61 billion late payment problem has launched

First of its kind cloud-based platform streamlines the approach to the credit management
process, helping businesses mitigate credit risk, reduce debtor days and boost cash flow!

Know-it, a Glasgow-based fintech start-up, has officially launched their cloud-based credit management platform. Founded by Lynne Darcey Quigley, the new platform gives businesses the tools and intelligence to automate and simplify the way they manage credit risk and the credit control process, helping save time, reduce late payments and allow them to focus on other aspects of their business.
The platform is yet another example of the ongoing innovation in the Scottish technology
industry, illustrating the continued resilience the sector has shown during recent economically volatile years.

As part of their commercial launch, they will be exhibiting at the sold out Xerocon, at Tobacco Dock, London, on 20 th and 21 st July in partnership with leading accountancy app Xero.

The platform, which is the first of its kind, allows businesses to credit check and monitor, chase for payment, collect overdue unpaid invoices, and more, all from one place. By partnering with some of the UK’s leading accountancy software and credit reference agencies ”“ such as Xero, QuickBooks, Sage, FreeAgent, and Graydon ”“ users can instantly credit check companies, get live data, and real-time updates to monitor customer’s credit behaviour and mitigate potential credit risks.

The platform also gives finance teams and business owners a simple way to check their customers’ credit worthiness. It also ensures customers pay on time through scheduled reminders and customisable chaser emails, letters, and SMS, helping reduce debtor days and increasing cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their commercial debt recovery partner, Darcey Quigley & Co, as well as receive 24/7 case updates.

Lynne Darcey Quigley, CEO, and founder of Know-it, explains: “Know-it is a fresh perspective on a traditional process ”“ while the credit control process hasn’t changed over time, our new unique platform brings together all credit control functions into one place. By removing the need to access and subscribe to multiple different platforms, our cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one easy to use platform, levelling the playing field for SMEs. This is set to transform the way businesses view the credit control process, as it will immediately help them save time and costs by providing real-time data, all from the convenience of one place.

“With the current financial climate mounting huge pressure onto the economy, businesses across the country need all the help they can access. This is a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform. With the launch of Know-it’s platform, businesses of all sizes are now able to Check-it, Chase-it, and Collect-it, all in real-time and without the headache of manual processing.”

The Know-it platform has launched against the backdrop of a global financial recovery and an increasing culture of late payments, which have mounted pressures on businesses and their finance departments. According to recent figures, the UK is expected to experience the slowest economic growth among other developed nations and almost half a million SMEs are at risk of failure as a result of late payments. This bleak outlook for UK businesses only intensifies the need for further support for businesses to gain access.

This follows a busy 12 months for Know-it, which saw Know-it win the prestigious Scottish EDGE award and many high-profile partnership announcements, including VFD Pro, FutureX, Nimbla and Gigged.AI, to name a few. Know-it has laid the foundation before launching and is working alongside some of most respected names in the industry. These partnerships will help more SMEs reduce instances of late payments and also help accountants better serve their clients with either a full-serviced or outsourced solution.

Know-it were recently announced as supporters of the Good Business Pays Wait Off campaign, a movement calling for faster payment drive to support small businesses as operating costs soar. The alliance is supported by the Small Business Commissioner, Federation of Small Businesses, CBI, Liz Barclay, British Chambers of Commerce and major banks amongst others.

On the recruitment front, Know-it also announced the hire of Gordon Merrylees, former Managing Director of Business Banking Scotland and Head of Entrepreneurship for Natwest, Royal Bank of Scotland (RBS), and Ulster Bank. Merrylees joined Know-it as its inaugural Chief Commercial Officer in the summer of 2021 following a 36-year career within the banking sector. Merrylees’ arrival has helped Know-it connect and form crucial partnerships across the UK entrepreneurial ecosystem in particular banks, serial entrepreneurs, industry bodies and the accountancy sector ahead of its commercial launch. The adoption of technology by small and medium sized businesses is massive as Gordon adds “Notwithstanding the many challenges of the current financial crisis post pandemic, technology adoption is a big driver of productivity, however micro SMBs are half as digitized as medium sized firms. We know that using 2 or more innovative, tech solutions such as our Know-it platform to automate their credit control process for example, micro-SMBs benefit from a 25% increase in productivity whilst at the same time are able to reduce their debtor days, tackle late payments and improve their cashflow daily.”

Know-it have also very recently appointed Wendy McMurray as Head of Product, an accomplished product manager and innovator with 20 years’ experience and a proven track record in designing, developing and delivering products in line with strategic priorities. They have also appointed a new Head of Marketing starting in August.

Jack Malcolm, Relationship Manager, West Scotland, Royal Bank of Scotland, said: “Royal Bank of Scotland is proud to have played a part in Know-it’s journey, helping support Lynne and the team from their inception and beta testing, through to providing funding to achieve its growth plan and the launch of today’s credit management platform. As a leading champion of Scottish SMEs, we look forward to continuing to work with Know-it, and are excited to see what the future holds for this promising Scottish fintech.”

Marketing Director of Fintech Scotland, Mickael Paris adds “We’re delighted to see Know-it launch its exciting and innovative solution. The team engaged with FinTech Scotland early on so we have been privileged to witness their journey from ideation to commercialisation. Know-it will play a crucial role in helping businesses improve their cashflow which, now more than ever, can be vital for them to face the current economic uncertainty. Know-it exemplifies how fintech is a real force for good, delivering better outcome for businesses and people. We look forward to accompanying Lynne and her team on their road to success.”

Lynne concludes: “Although this platform has been several years in the making, it was not our intention to launch the Know-it platform during the global economic struggle. Yet there is a timely opening for the platform to provide an additional layer of support for vulnerable businesses at a time when they need it most. Support from automated and effective credit management systems has traditionally been out of reach until now. We hope this pioneering technology will provide businesses with the comprehensive and holistic solution they need to work smarter at a time when businesses are now turning to technology to help mitigate current financial challenges.”

“Here at Know-it, we are proud to be the latest Scottish innovators harnessing the newest technologies and provide a solution for businesses to overcome the challenging, real-world issues facing their operations.

                             ENDS

About Know-it

Know-it is the cloud-based credit management platform with a difference. The platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one place. They partner with leading credit agencies and accountancy software such as Graydon, Companies House, The Gazette, Unsecured Creditors, Sage, Xero, QuickBooks, and FreeAgent. These partners provide businesses with essential real-time credit information that will help to avoid fraud, get real-time credit information for companies, upload sales
and purchase ledger and automatically send payment chasers when invoices are due. In turn, Know-it provides you with a place that brings it all together. Know-it was founded in 2019 by Lynne Darcey Quigley, who has worked within the debt recovery industry for over 25 years and is also the founder of commercial debt recovery company, Darcey Quigley & Co. For more information, please see: https://know-it.co.uk/

Scottish Fintech Snugg® raises £1.2m

Scottish Fintech start-up Snugg® has raised £1.2 million in their first seed fundraising round. The funding from private investors is being used to accelerate development of a unique, net-zero eco platform for UK homeowners and private landlords to make home energy efficiency improvements simpler and more affordable.

With some of the oldest housing stock in Europe and just over 20% of UK CO2 emissions coming from residential homes*, improving the energy efficiency of existing buildings is critical to the UK meeting its net-zero targets.

In partnership with banks, installer networks and data providers, the Snugg® platform will provide energy efficiency recommendations to homeowners based simply on their address. Developed by leading digital experts, Snugg® tackles the complex and fragmented home energy efficiency market by helping homeowners easily identify, finance and implement improvements to their homes. It will also link to smart meters to monitor reductions in carbon emissions.

Snugg® is part of the growing FinTech Scotland community and is based in the Bayes Centre at the University of Edinburgh, a data hub that is home to many data and digital start-ups. Edinburgh is also home to some of the UK’s largest banks and financial services institutions, making the city the perfect home for Snugg®.

Snugg® co-founder and CEO, Robin Peters, said: “We’re delighted to have raised the finance we need to accelerate the development of our new platform. We’re passionate about helping homeowners across the UK, and in international markets, tackle climate change by improving the energy efficiency of their homes. As part of the thriving Scottish Fintech community, we’re in the perfect place to forge the industry partnerships and access the skills we need to deliver a unique, market-leading digital proposition. I’d like to say a big thank you to our investors for their enthusiastic support for Snugg®.”

* Source: Energy Saving Trust: https://energysavingtrust.org.uk/net-zero-carbon-emissions-and-homes-whats-the-connection/

Scottish fintech founder finalist at Great British Entrepreneur Awards 2022

Scottish fintech entrepreneur Craig Forsythe has just been named as a finalist in the Great British Entrepreneur Awards.

He founded his company,GiftRound, to allow people to group-collect money for gifts so that they can celebrate together and show that they care through the magic of group gifts.

Craig is one of the shortlisted business leaders from across the nation to have been selected out of over 5,300 entrants – the most the awards has ever had.

The Awards recognises entrepreneurs based on their journey and resilience. 12 awards will be handed out per region for categories including Disruptor of the Year, Entrepreneur for Good Award, and the Great British Entrepreneur of the Year. Notable winners from previous years include Social Chain founder Steven Bartlett, who went on to become the youngest ever investor on BBC’s Dragon’s Den.

Craig said:

“Being shortlisted came as a total surprise!  It’s great to get some recognition for the GiftRound team for all the hard work that has gone into enabling GiftRound to help so many teams and people and celebrate together and show they care.  “

The winners will be announced at a Grand Final, held at the Grosvenor Hotel in London on 21st November.

This year is the 10th anniversary of the Great British Entrepreneur Awards. The alumni has collectively generated over £30 billion in revenue and employed more than 450,000 people.

To mark the milestone year for the programme, entrants will have the chance to win over £30,000 worth of marketing support and a tree will be planted for every application submitted with the support of Ecologi.

Founder of the Great British Entrepreneur Awards, Francesca James said:

“From the pandemic to the ongoing cost of living crisis, business owners haven’t had it easy over the past few years, but it’s a testament to the tenacity and perseverance of these entrepreneurs that they have continued on their path and refused to give in.

“This year’s finalists should be so proud of what they’ve already achieved both in business and in being shortlisted for an award – we’re looking forward to seeing everyone at the Finals and unveiling the winners!”

Anne Boden MBE, Founder of Starling Bank, headline partner of the Awards, said:

“Congratulations to all those businesses who have made the shortlist. It’s great to see the passion, resilience and amazing ingenuity from entrepreneurs across so many categories.”

To book your place at the Grand Final in London on 21st November, you can go to greatbritishentrepreneurawards.com

For the full list of finalists, visit greatbritishentrepreneurawards.com 

New appointments at Fintech Encompass to drive growth

“We have built a platform that truly makes a difference, helping banks fight financial crime, ensure compliance and deliver enhanced customer experience, and, with these seasoned professionals driving our teams forward, I know we will continue to go from strength to strength.