Proactis gets £20m funding from HSBC for SME action
Proactis, the spend management and B2B e-commerce company, has secured £20 million in funding from HSBC UK for its SME market ambitions.
HSBC proactive in its support of SMEs
The firm says the funding will allow it to roll out proprietary technology to deliver “frictionless cash flow” between businesses. It aims to accelerate and incentivise payments, helping SMEs with improved liquidity.
Anthony Persse, financial solutions director at Proactis, says: “There is a disconnect in the current payment culture that benefits neither buyers nor suppliers. It stymies investment as well as working capital.”
“We have been exploring technologies that can improve access to working capital by accelerating payments to suppliers,” adds Persse.
The technology also aims to help larger businesses to manage their supply chains, easing the impact on working capital and improving their relationships with suppliers.
New Proactis CEO, Tim Sykes, says it is reviewing the US and European operations to make sure resources are focused on the opportunities in those territories.
Wayne Shadlock, global relationship director at HSBC UK, explains that it began working with Proactis over 15 years ago and its “business is well positioned to drive widespread access to liquidity for SMEs”.
There’s no specific date, but Proactis will launch its “Accelerated Payment Facility” later this year.
